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.
To be fake out it si now getting quite extreme. Next strong support is almost 10% more down in the 0.0037 zone. At the moment i can se no reason we do not hit this suport or even break it in the face of Bitcoin rallying to 90k or more. Short term I think it is a sell.
youmadbro
⋅
@goldsun, or one of those "buy when there is blood on the streets" moment
cmpkpersonal
⋅
That's the way I'm inclining towards right now; a slow start but a potential sustained rally ahead.
goldsun
⋅
@cmpkpersonal, looks likr you are right. BTC.D is turning down. XMRBTC has been strongly rejected at 0.0039 and the diagonal trendline on XMRBTC has been broken. Maybe XMR is bottoming.
cmpkpersonal
⋅
@goldsun, Yes, I noticed that too, Monero did not want to breach 0.0039, possibly a strong buy wall there.
cmpkpersonal
⋅
You're right, the price is stubbornly bearish and bitcoin could definitely steal the show and take gains away from the alts. The next couple of months is gonna be one hell of a ride.