This correction is well underway and almost complete. If it doesn't develop into something complex or sideways (low chance imo), then we can see all time highs possibly into the $4000+ area. A bunch of good news will suddenly happen (or bad news in the financial sectors/governments/etc).
A moonshot is possible after a correction. In terms of practical trading, there's plenty of ways to play this pattern.
Personally, I will be selling all spot holding above $950 and buy them back below $750. A little conservative I must admit.
I wouldn't long here despite all the good news:
- Ring CT
- Coinbase rumours
If I miss the boat, so be it. The top is when all news is good. In saying that, I'm not a fan of shorting in general. I'll wait for the next opportunity.
The ultimate target is difficult or even impossible to predict. It should be either of the following (my rough estimate chances in bracket)
1. 0.024 (50%)
2. 0.0185 (40%)
3. New highs (5%)
4. 0.016 (5%)
I can't see a situation where it just dies off here. Remember, btc moon while feels invincible, is not a certainty.
Sure feels gloomy surrounding XMR with the BTC highly anticipated moonshot. But isn't this what a bottom feels like? Will stick to plan here and manage risk:reward/stop loss accordingly. Can't say I am overexcited getting into this position but these counter-intuitive trades are usually the biggest winners. If you are feeling this, plenty of other traders are too.