TP 1 is around 8500 on Kraken, where fibs and 200 day MA intersect. I could see a bounce back to previous support of the triangle in the low 9s or high 8s, and then a move towards the fibs I have marked in the mid through to low 7s.
Prior to full breakdown of the triangle I could see a rise up to 10200 area to make bears sweat, even seeing a false pump up to...
Let's not pretend ETHUSD / BTCUSD correlation doesn't exist..but let's also not pretend there aren't differences in the underlying ___, which from my (limited) understanding has evidently led to unfavorable beta in the short term and painful paper loss. Medium term profitable short bets. Who knows.
Support at levels at and below 190 have gobbled bear pressure up to this point. We're delving into mid 2017 price territory, and psychological supports can be meaningful.
I've sketched two possible targets in white where I'll be watching for rejection downward from inside of the rising wedge.
All input is appreciated!
Keep an eye on the green triangle next couple days. Are there enough bulls... I like Monero fundamentals...to me, basic TA seems to point upwards in the near term... that said I'm still thinking we'll see sub 100 before we see September's 140... Interested in others' thoughts.