Monero bearish fakeout, bullish reversal imminent!

(a) Chart Overview

> XMR/BTC - DAILY CHART - BINANCE

(b) Analysis

The descending triangle is usually a bearish sign however a fake-out is a strong possibility considering these factors:

Fundametals
> Monero's privacy USP is highly valuable for two main reasons, 1: To avoid discrimination and 2: To maximize security.
> Monero most recently (July 23rd) hit it's highest number of transactions per day
Technicals
> Last time Monero was at this price level we saw a strong bullish rally
> Monero has been hit hard by the April Crypto crash, other coins have recovered but Monero has stagnated, Monero could be a late bloomer.

(c) Conclusion

Monero gets a bad reputation because of the criminal element, however we've seen with Bitcoin that FUD erodes away as the true value dawns on people. Monero is a coin that has lasted a long time (since Cryptonote, October 2013), this proves it has staying power, with the price so low right now, it could be the perfect time to enter.

What do you guys think, would love to hear your thoughts?

DISCLAIMER: Not Professional Advice

Comment:

Monero has broken down from the descending triangle. However, this pattern began on the 7th of May, that's 167 days ago from today, even though it's been 7 days below the support line, time-wise the price has only been under for a very short amount of time compared to the rest of the pattern.

The longer it stays under, the less likely for a reversal, but conversely if there's no more deep drops in price, it could be bottling in for a big push upwards. Either way I would like to see a weekly close above the support line to confirm the bullish scenario, Crypto can move fast so it's very possible.

Comment:

Decent recovery from Monero, ideally a weekly close above 0.0047 would reaffirm the bullish case.