I personally believe this coin is going down under, to 0.012-0.013 as I've stated in my previous posts. Fractal logic and fibs don't lie, so we'll be getting to that number at some point. I have improved the chart so let's see how this plays out in the upcoming weeks.
Weekly also looks set up for it:
Good luck!
Disclaimer: As usual, this is not a perfect prediction. Don't put all of your money into it. If you don't know how much to put, you can learn how to hedge properly by using common sense and a search engine. I will be posting updates as I have been doing in my previous posts. If you earn good profits, please donate some to keep me motivated! You can find more info at my signature.
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XMR is hitting some support. Could go up but I still think the general trend is to go down.
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I think this is it for now. I expect a bounce in the following days so if you opened a short position I'd recommend to close it now. The profits would have been 9.3%.
The issue with your last few XMR charts wasn't the idea of XMR going down, it was that the idea of XMR going down so violently while at the same time mooning ETH. XMR:USD is still relatively steady. We are around 15% below ATH. ETH:USD is also around 20% below its ATH based on Bitfinex charts. BTC issues haven't been solved but BTC:USD continues to rise. You aren't going to be able to have both BTC crash and XMR:BTC crash along with it. I mentioned that XMR and ETH would move similarly and they have. The latest XMR FUD has destabilized things a bit but XMR:USD is recovering to pre-FUD levels. Your ETH Moon/XMR Crash narrative isn't playing out the way you initially predicted.
CoinMajesty
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@cryptofiend, You are right, if BTC crashes, XMR won't crash with it. ETH and XMR are going to move similarly, that's right. The difference is, that I don't see XMR moving past its previous ath and I think when BTC crashes XMR will go into a very big bulltrap. People might jump in thinking this is going to the moon which in reality, it's still due to go down. Now, I could still be very wrong and XMR could reach new highs this month, but I think that after following seven alts as I've been doing for the last month, the TA for this one still makes me think it should go down, and if you look at most ideas here on TradingView for that coin, that's also what it's shown in similar setups.
I didn't put any entry points for this short position because I don't know when it could be a good time to open one. I posted this chart cause some people wanted to keep track of my updates for this coin.
The ETH moon narrative is playing out great though.
Let's see how this goes. Once the rest of the alts moon later this month, and XMR moves up as well, I'd like to know your opinion if you think it would hold or if it's still due to go down.
Thanks a lot for your comment :)
papaya383838
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what about the fundametal about this coin? it looks this coin is undervalued to me, correct me if im wrong.
nice char! love your work!
CoinMajesty
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@papaya383838, undervalued at this moment, but it will moon once its moment arrives. If I remember correctly, this was the most profitable coin of 2016. The question is, will it be for 2017? Maybe, but not at this time of the year.