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.