Was looking at altcoins and stumbled upon this chart, showing us a very bearish RgMov moving ahead of price. I can obtain a time and price target from this chart, which is represented by the triangle and the arrow showing the trayectory and trend starting point. Pattern traders will recognize a Head and Shoulders formation at the top of this rally, with notable bearish divergence in CCI, and ROC starting to trend down. Will update along the way.
Downtrend failure!
XMR finding support...Look for buy signals , 5 days with no new lows here.
If we see a strong move up, we can jump on board for a long!
Macq_Yu
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Nice chart! We're out of the woods now? ;)
IvanLabrie
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We saw the start of an uptrend after 5 consecutive no new low days, with the fifth showing a strong move up.
The last bar was very bearish, so we might see a series of down days.
Do you own any monero?
Do you know anything about the fundamentals?
I think there is a shift in sentiment going on for Bitcoin, and as a consequence altcoins.
Starting with litecoin, darkcoin and monero, maybe the etherium launch will ignite a new flame in this field.
IvanLabrie
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I'll publish an updated chart now.
Macq_Yu
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Hi IvanLabrie,
Yes, I own some Monero. I like the fundamentals and also technicals.
I'm learning about Darkcoin(now Dash) when I encountered Monero.
The true anonimity features and potentials to go head-to-head with Bitcoin attracted my attention to this crypto.
I'm also watching etherium.
Thanks for the chart and analysis.
IvanLabrie
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Welcome! Few altcoins have enough liquidity to apply technical analysis on them and be somewhat accurate. Seen my update chart?
Macq_Yu
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Yes, I totally agree with your analysis. Lucky if we break 0.003 first.
IvanLabrie
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Rgmov slowed down a bit, but it still looks like price will validate the second target.
If it manages to stay below the resistance above, it'll most likely hit it in time or earlier than expected.
IvanLabrie
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Intense selling, expanding range out of congestion, bearish confirmation. Targets should be met in time and price, or even exceeded.
XMR finding support...Look for buy signals , 5 days with no new lows here.
If we see a strong move up, we can jump on board for a long!