If we duplicate the rest of the current corrective cycle through the bars pattern with similar geometry, it breaks out of the 5 year resistance! Not saying it will happen but it is intriguing. Similar ideas have worked. Additionally, it looks like we could still face 20% downside against BTC before the potential resistance break.
What do you think? Will the XMR 5 year bear trend continue or will we get a breakout?
Thanks for taking a look. Good luck and don't forget to hedge your bets!
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Very interesting. Seems very oversold vs BTC even still. XMR Fork is coming August 13th. Maybe we'll have a short-term peak then?
@noisevault, we met the resistance line but didn't have convincing candle closes above this line, at least so far. But it is interesting ;) I think it's important to wait until a sideways trend develops and buy in slowly rather than expect the trend to reverse immediately. We could see a bit of false fomo buying here so I'm not convinced if it's noise or signal.