Hello steemit,
I'm sure you have mentioned the massive rise of Monero in the last days.
Let's have a look at the 4-hour chart of Monero-Bitcoin market.
We see 2 impulsive waves (Blue 1 and 3), followed by 2 correction pattern (Blue 2 and 4). My prefered scenario is now a final 5th impulsive wave into the area of about 0.02 BTC followed by another correction back to the level of Blue 4.
Thank you for reading!
BR,
twinner
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I'm sure there was similar analysis when ETH was breaking out constantly. I think Monero is going to $1 billion.
Impulsive patterns usually have the same structure, because greed and fear of people / trader is always the same ...
I hope that your analysis is correct
Trading is not about hopes, it is about probabilities.
I beg to differ. I believe that XMR has now entered a trend channel and that it's averaging out before another upward break out, after which it will continue to soar. It's fundamentals are solid and the word on the darknet forums is that a majority of users are switching over to the new anon coin. Only time will tell but I do believe Monero has a long way to go before falling.
Hi senseiteekay,
this is my prefered scenario, but this can be wrong, of course.
If we would see a correction back to the level of Blue 4 after the Blue 5 was reached, the probability would be high that the upward trend continous.
It's also possible that wave Blue 3 and Blue 4 are nested wave 1 and 2 (of minor degree), and "the mother of all wave 3's" is in front of us.
We don't know it, but time will tell.
BR,
twinner