Hello Traders! I am here to provide some much-welcomed GOOD NEWS!
XMRUSD: Target = $230
We could see a little bit more of a pullback, but the retrace target is clear to me.
Mind you, this idea could be invalidated if Bitcoin breaks below $6200. However, I do not believe Bitcoin will do that.
If you have ever followed my analysis in the past, I am an avid user of Fibonacci Analysis, and at identifying fractal patterns. Patterns repeat, OFTEN. And right now, in the alt coin market cap, we have a fantastic opportunity in front of us! We have a fractal pattern that I have identified numerous times in the past, and it’s time for some much needed bull movement, after nearly 5 months of downward pressure.
If you view my previous analysis on Bitcoin here, and press the “Play” button on the chart, you will notice a pattern I was able to easily identify and project the retrace target:
We have this exact same setup in the alt coin market cap at this time. IT IS IDENTICAL.
For our next move up, the target for the alt coin market cap is $216-$234 Billion. With our current market cap sitting at about 100 billion right now, that leaves some room for some serious up moves for our favorite alts.
What happens after that retrace target to 230 billion has been reached is still up for debate. However, this fractal takes us to AT LEAST that target of $216-$234 Billion.
We also have a nice pitchfork lined up here on Bitcoin indicating that this COULD be the bottom. It has held the 2013 trend and has now bottomed the pitchfork.
If Bitcoin breaks below $6200, this idea is likely invalidated. So, keep a close eye on Bitcoin!
As we head towards our target, there may be a lot of up and down noise on the chart. There will also be a lot of noise here on TradingView with ideas calling for gloom and doom, and charts calling for the absolute moon. We are not concerned with any of that. We are interested in reaching our target and getting out! We will wait for the next setup after that and determine our next move. But for now, we have a plan!
As always, this is just my analysis. Any decisions you make based on my analysis and opinions are still your own decisions, and your own responsibility. So, if you decide to trade based on this analysis, just know, you are your own financial advisor and decision maker.
We have no fear! We have no greed!
We have a plan and we will execute it!
Good luck to you all! May you have a wonderful day! Please like, comment, and follow!
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As you can see on the chart, this down move was expected before the pump. Even though Bitcoin has fallen below $6200, nothing has changed with this chart. It has not broken.
@MrRenev, lol, you even went through my charts? Look at that, had to come all the way back to October 2018 to find one to stink on, eh? What about all the ones from October-now? You like those or something? Get outside buddy. There is a life to live! Get a tan! See a human being! Your dark room of isolation is no way to live :)
MrRenev
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@SecludedJ, Why don't you criticize me on the monthly charts I posted 2 days ago hmmm? Man your brain isn't working right.
Wow having the awareness to understand one HAS to go back several months to get a trade that completed.
Should I criticize you on this (like most crypto intellectuals do)?
Muahaha look at you fool you called 13000$ Bitcoin and we have not reached that yet!
What if I told you one can be connected to the internet through their phone?
What if I told you looking at charts 2 hours a day was slightly less than the average workday of 8 hours?
Crypto intellect at its finest, you are truly the prime example of a crypto bull.
By the way, you haven't been able to produce a single argument against my analysis, all you did was attack me on my personal life. Typical from the 90%.
Enjoy blowing up and learning your lesson.