Brisben
Short

Monero Building A Six Month Rising Wedge

BITTREX:XMRBTC   Monero / Bitcoin
Monero is a great coin, but from a TA perspective it has had 5 months of strong moves upwards and I feel that it's almost time for the inevitable correction. We are building a large, 6 month rising wedge , which is of course a strong bearish pattern . This combined with the fact that the MoneroV fork has been delayed by a month (which confirms to me what a trashy, moneygrabbing scheme it is) will mean that many traders who were in it for some free coins will not want to have their funds locked up for 7 weeks.

In terms of hard TA there are many positive signals. Stoch is oversold, RSI is decent, the ichimoku cloud is giving 3/3 bullish signals. BUT, as I've learned in the past, market cycle overrides everything else. If the price closes beneath the wedge then we will have a break down. If it closes beneath the trigger we will have the break down confirmed.

The golden line is a key support line that I have identified as the most important in Monero's history. If it crosses below that we could be going to 0.02 or under.
Comment: Monero has broken down from the falling wedge as expected. Watching closely to see if this breakdown is confirmed with a close under the trigger
Comment: Almost hit the golden line. I expect a retest before long.
Comment: Make or break time now
Comment: Golden line is holding
Comment: Monero is struggling to close above the golden line now. I think we're headed down further.
Comment: Monero still hanging on to the golden line for dear life.
Comment: After hanging on the golden line for a while Monero has shot back up and is going absolutely bonkers. It's surpassed ZEC I believe for the first time ever. Crazy stuff.
Very nice job. I was skeptical at first but you called it!
+2 Reply
Brisben Sabibaby
@Sabibaby, Thanks man!
Reply
A just small correction of your rising wedge makes it to a rising triangle...a bullish pattern.
+1 Reply
Brisben Prometheus777
@Prometheus777, I am aware of this, as you will see in my previous Monero charts. But I think that it is important when we are so close to ATH to consider every perspective.
Reply
@Brisben, Ok, I am just more optimistic for Monero, it was very resilient during and very soon after the crash. Also I expect the BTC drama and FUD to cool down, this could fuel XMR rise here at the end of the triangle.
+1 Reply
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