heiders

MONA: The Japanese favorite

Long
BITTREX:MONABTC   MonaCoin / Bitcoin
MONA is the first Japanese cryptocurrency and is the go to coin for the Japanese people. I'm not really up to date with the fundamentals of this coin but it is an established coin and has been around since 2014. Also, Japan is starting to become more and more crypto-friendly and the Japanese are getting more crypto-aware, so this should be an opportunity for MONA.

Looking at the chart, the price is retracing after the third wave and might bounce from the blue box since it is highly oversold on the stoch RSI and there is a major cloud resistance in this area. If so, that could be the start of the last leg and this could mean a very nice profit.
Comment: MONA took a bit longer than expected (had to move the trendline a bit because of this), but finally reached my target area. This is a pivotal point, looking at the RSI and StochRSI I believe we could see a move upwards frome here. But the support in this area is quite limited, so another scenario might be a longer retracement from here.
Comment: Scenario 1
Comment:
Comment: Scenario 2
Comment: Have not updated this idea for a while since MONA has been moving sideways for quite some time. We are still in the possible bounce area and both of the above scenarios are still in play. These long consolidation periods feel kind of boring, but are needed to shake weak hands and keep the holders and believers. Eventually this is the base for next moves. Will update again once MONA shows some more action.

Comments

I hope scenario 1 :D
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