Quickpost XMRBTC has been exploding sideways for over 1400 days. While it has done so it has created a macro symmetrical triangle that I suspect will break to the upside. There is a inverse head and shoulders that has been developing for about the last 6 months and is seems ready for the right shoulder to makes its move to the neckline then perform.
The inverse head and shoulder market is a mere 25%
The triangle target is about 400%.
This leads into the XMRUSD cup and handle which I want to get 150x out of.
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Price has finally reached the neckline of the inverse head and shoulders. A look at the MACD and the MACD EMAs show that price has gotten above the EMAs and the MACD is above zero. If price closes above the MACD EMAs with a green candle that will be a very bullish showing. I hope to see something resembling a Elliot wave impulse up to the 2.618 target with some stalls at key fib levels.
Here is another look at the 3 day price action, this time with the EMA ribbon. Price has poked u proudly and we can see the last time that happend XMRBTC went to the top of the triangle resistance.
Right now a full performance of this symmetrical triangle gets price pretty high. Realistically we will stall out in the orange shaded area. That is 200-300% more over gains in XMR than in bitcoin for the initial stages of this nascent bull run.
@eightball8, Its kinda funny I had the right pattern but the wrong bias. This triangle completely broke down instead of up. This is one reason why it pays money to be a break out trader.
I am so glad I found the W pattern on FTM/Coin.
eightball8
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@This_Guhy, yeah it's been pretty brutal for xmr holders of late,
pouriyakhanzadeh
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Hi sir My stop was triggered at Monero and I sold them all. What do you think about Monroe's situation?
This_Guhy
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@pouriyakhanzadeh, It is really hard to tell. To be true, my thoughts are still swimming in this dump as a reason not to put all your eggs in one basket and I am wondering if 1)I am under-diversified and 2) where to diversify. I had closed my Monero position with most buys in the money and rotated into link/fantom so I am safe but this is a stunning move.
I am not sure I have posted this yet, but this is my Fantom/XMR draw. A beautiful double bottom. I could not justify to myself staying in XMR when the chart looked so bad against FTM.
But back to XMR itself. I have been patiently waiting for a OG altseason but it seems that won't happen. I think money is going to flow from old projects to new projects as people chase early adoption gains. I thought monero would be safe but it seems not. Very recently monero transactions were tracked to an exchange and now it is getting delisted from binance. It might be facing a decade long bear market. If the chart below is a double top that has taken years to perform then XMRUSD could go below $5.00
If it sets a higher low than the low of 2015 it could be staged for a supercycle. But considering that and accumulating that is over 5 years away with damn near a 99.99% draw down.
@pouriyakhanzadeh, I hope it helps. I am still astonied by the move. I knew XMR looked bad against certain alts but I thought it was because the alts were going to outperform XMR to the upside, not that they would run in opposite directions.
I hope at least some regular people made money shorting this move in one way or the other.
pouriyakhanzadeh
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@This_Guhy, I prefer not to use the futures in emotional situations like Monroe's current situation. Because I already had enough experience with Luna. In any case, I am waiting for the correction of sol so that I can enter at a reasonable price. Thanks for sharing your ideas
eightball8
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@This_Guhy, have a look at Dero chart sir, certainly hope that scenario doesn't happen for xmr..