Monero is a great coin, but from a TA perspective it has had 5 months of strong moves upwards and I feel that it's almost time for the inevitable correction. We are building a large, 6 month rising wedge, which is of course a strong bearish pattern. This combined with the fact that the MoneroV fork has been delayed by a month (which confirms to me what a trashy, moneygrabbing scheme it is) will mean that many traders who were in it for some free coins will not want to have their funds locked up for 7 weeks.
In terms of hard TA there are many positive signals. Stoch is oversold, RSI is decent, the ichimoku cloud is giving 3/3 bullish signals. BUT, as I've learned in the past, market cycle overrides everything else. If the price closes beneath the wedge then we will have a break down. If it closes beneath the trigger we will have the break down confirmed.
The golden line is a key support line that I have identified as the most important in Monero's history. If it crosses below that we could be going to 0.02 or under.
In terms of hard TA there are many positive signals. Stoch is oversold, RSI is decent, the ichimoku cloud is giving 3/3 bullish signals. BUT, as I've learned in the past, market cycle overrides everything else. If the price closes beneath the wedge then we will have a break down. If it closes beneath the trigger we will have the break down confirmed.
The golden line is a key support line that I have identified as the most important in Monero's history. If it crosses below that we could be going to 0.02 or under.
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Monero has broken down from the falling wedge as expected. Watching closely to see if this breakdown is confirmed with a close under the trigger
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Almost hit the golden line. I expect a retest before long.
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Make or break time now
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Golden line is holding
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Monero is struggling to close above the golden line now. I think we're headed down further.
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Monero still hanging on to the golden line for dear life.
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After hanging on the golden line for a while Monero has shot back up and is going absolutely bonkers. It's surpassed ZEC I believe for the first time ever. Crazy stuff.
