And actually we´re in a ABC-correction wave form, precisely in the c-wave which could lead us to the last low at 150$.
Please give comments, when I´ve made mistakes in my EW-wave analysis. Thx .
Monero is also in a and has just broken the lower limit of this triangle. A fall to the fib retracement at 23.6% (177$, red line) = support is very possible. This would confirm the c-wave .
After reaching the lowest point and turning upwards, Monero has the potential to rise up to the descending (red), now at around 340$. There are several resistance lines between and we´ll see if EW-theory can help us on the way up.
RSI: low - but not oversold
ADX: momentum of negative is rising
50: Monero far below
conclusion: we could see a small recover on the fib retracement at 177$ (23.6%) before continueing to lower levels
This analysis fails if Monero climbs above the swing (orange) 208$.
We´ve finished the corective wave and have just entered in the first motive wave.