After spike down on Cryptos we took a look on some ALTcoins and saw interesting pattern on BITFINEX:XMRUSD .
As you can see on daily logarithmic scale chart, Monero still looks despite big correction since December 2017, so seems like five-wave rally is not completed yet.
On 4hour chart we are tracking wave IV correction, which seems to be completed with potential pattern, into wave C and also very nice and strong around 150. So, we expect that Monero will continue it's uptrend into wave V towards 680 level, just keep in mind that Bulls will be confirmed only above 450 level!
On hourly chart we are tracking five waves up into wave 1, which would confirm that bottom of wave IV at 150 level can be in place, so be aware of a three-wave pullback into wave 2 back to around 200-250 level, before continue higher.
If Monero from any reason breaks below 150 strong , then we may adjust the view!
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