I love monero ❤🥇❤🥇❤
True Cryptocurrency that plays a critical role in what it stands for.
💰 Let's check up on the price action of this one.
Wave 1: The selloff, the distribution of coins.
Wave 2: The accumulation of support.
Wave 3: The Resistance for controlled accumulation.
We are squeezing sideways as the pennant pattern is forming.
*As this pattern squeezes we will see a decision in which way the market wants to run on a breakout.
(Similar to how price broke down on btc back in November of 2018)
I'm not saying it will result in same results, I'm showing you how compression decide critical moves for trend changes)
These are key areas where you want to play for a major move.
The full compression of range could be controlled for another 6+ months, our first major sign is aw we see the weekly shoot to hit wave 3.
But one major observation I'd like to notice is what i titled on chart as "Final Shakeout"
That selloff could of been the final selloff in a stop hunt.
It was a major quick crash that scared buyers to force them out of their positions.
That can be called the final capitulation.
You are noticing as prices get low on altcoins they try to flash the market to force the buyers out of their positions.
I believe we could be in very early stage of the major multi year alt cycle.
But I also take into fact that the compression could last another 6+ months if wave 3 can hold.
What we like to look for on longterm entry is a doji compression off S&R Levels for trend change,
So technically this is a late call to buy now.
If you wanted to buy now you would hunt for an edge play in the market to push up to the next level of price in a lower timeframe.
Hope you enjoyed, have a blessed day!
MLT | PRO TRADERS 🥇
True Cryptocurrency that plays a critical role in what it stands for.
💰 Let's check up on the price action of this one.
Wave 1: The selloff, the distribution of coins.
Wave 2: The accumulation of support.
Wave 3: The Resistance for controlled accumulation.
We are squeezing sideways as the pennant pattern is forming.
*As this pattern squeezes we will see a decision in which way the market wants to run on a breakout.
(Similar to how price broke down on btc back in November of 2018)
I'm not saying it will result in same results, I'm showing you how compression decide critical moves for trend changes)
These are key areas where you want to play for a major move.
The full compression of range could be controlled for another 6+ months, our first major sign is aw we see the weekly shoot to hit wave 3.
But one major observation I'd like to notice is what i titled on chart as "Final Shakeout"
That selloff could of been the final selloff in a stop hunt.
It was a major quick crash that scared buyers to force them out of their positions.
That can be called the final capitulation.
You are noticing as prices get low on altcoins they try to flash the market to force the buyers out of their positions.
I believe we could be in very early stage of the major multi year alt cycle.
But I also take into fact that the compression could last another 6+ months if wave 3 can hold.
What we like to look for on longterm entry is a doji compression off S&R Levels for trend change,
So technically this is a late call to buy now.
If you wanted to buy now you would hunt for an edge play in the market to push up to the next level of price in a lower timeframe.
Hope you enjoyed, have a blessed day!
MLT | PRO TRADERS 🥇