Monero Building A Six Month Rising Wedge

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.

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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

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Almost hit the golden line. I expect a retest before long.

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Make or break time now

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Golden line is holding

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Monero is struggling to close above the golden line now. I think we're headed down further.

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Monero still hanging on to the golden line for dear life.

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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.