Xtremely Mega Rekt: The Downfall
Updated
So Monero went down a Head & Shoulders pattern as I expected in my last chart, although the size of the right shoulder was a bit higher and longer than I thought it would be.
There are some people who think we're going to bounce back, but these statements come out of nowhere and with no real evidence. I know this is one of the best coins out there, and one of my favourites, considering it's the most anonymous crypto and it certainly has the biggest network effect within all the anonymous coins. It also solves the fungibility problem which Bitcoin might never solve (although there is some speculation that MimbleWimble might be a good solution).
But it's not the moment for Monero, and I'm afraid my fundamentals and my technical analysis are showing me we're entering a bear market that might last for some weeks.
Now, when I start to think about the context in which Monero is right now, I just see Bitcoin and Ethereum getting all the attention. I don't mean by you, the part time-investor, the college student, the "I want to make some easy bucks out of cryptos" people who know everything about ICN and lurk online every single day to look for the next great ICO.
I mean the rest of the people. People who still think that Bitcoin is a new thing but are not so sure of its real world use wouldn't even consider putting money into Monero. At least not yet.
What would make them do so? Positive feedback and good marketing. Is Monero getting it right now? Well, no. Actually, it's a coin which is still related to the deep web, drugs, illegal guns, etc. You know, problems people don't want to be related to.
Ethereum is the only alt-coin which is getting good mainstream media attention, and I explain why in the other chart I just posted.
Considering I believe Bitcoin and Ethereum will be going to the moon tomorrow, I think Monero will sadly collapse to the low levels portrayed in this chart. But hey, you know what, you can margin short it in POLO and make good profits as well.
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 Google. 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.
Good luck! See you at the bottom.
- Song choice for the ride: Gorillaz - Saturnz Barz
- Movie choice for the ride: Der Untergang by Oliver Hirschbiegel
There are some people who think we're going to bounce back, but these statements come out of nowhere and with no real evidence. I know this is one of the best coins out there, and one of my favourites, considering it's the most anonymous crypto and it certainly has the biggest network effect within all the anonymous coins. It also solves the fungibility problem which Bitcoin might never solve (although there is some speculation that MimbleWimble might be a good solution).
But it's not the moment for Monero, and I'm afraid my fundamentals and my technical analysis are showing me we're entering a bear market that might last for some weeks.
Now, when I start to think about the context in which Monero is right now, I just see Bitcoin and Ethereum getting all the attention. I don't mean by you, the part time-investor, the college student, the "I want to make some easy bucks out of cryptos" people who know everything about ICN and lurk online every single day to look for the next great ICO.
I mean the rest of the people. People who still think that Bitcoin is a new thing but are not so sure of its real world use wouldn't even consider putting money into Monero. At least not yet.
What would make them do so? Positive feedback and good marketing. Is Monero getting it right now? Well, no. Actually, it's a coin which is still related to the deep web, drugs, illegal guns, etc. You know, problems people don't want to be related to.
Ethereum is the only alt-coin which is getting good mainstream media attention, and I explain why in the other chart I just posted.
Considering I believe Bitcoin and Ethereum will be going to the moon tomorrow, I think Monero will sadly collapse to the low levels portrayed in this chart. But hey, you know what, you can margin short it in POLO and make good profits as well.
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 Google. 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.
Good luck! See you at the bottom.
- Song choice for the ride: Gorillaz - Saturnz Barz
- Movie choice for the ride: Der Untergang by Oliver Hirschbiegel
Note
Oh, look how cute. A baby H&S has appeared.Note
M of MONERO.Trade active
Seems like it broke out.I think it's a bull trap. I don't believe it will last much longer.
Note
Yep, it's coming down now!Trade active
Seems like the previous Head & Shoulders formation, was not as baby as I thought it seemed like.Trade active
We just keep going down. It's also hitting some Gan Fann resistance along the way.Trade active
This has been so far the easiest chart to predict.We just hit the temporal bottom. Buy back in for the right shoulder and short at the top!
Trade active
sorry wrong chartTrade active
ETH and BTC are moving in different directions to what I expected. But XMR just keeps dumping and it's a good hedge to all the volatility in the other crypto markets.Right shoulder completion. This is going lower now.
Trade active
A bigger picture of this massive dump taking place right now. Beautiful:Trade active
Monero Illuminati crab share the feels about the incoming dump.Trade active
No dump yet, seems more like a bull trap.Note
It doesn't seem like a bull trap anymore. If BTC keeps going down, the inverse relationship they both have will make XMR go higher. Close your shorts now.Note
I don't have a new idea on XMR yet so I'd like to comment this is what it looks like right now.Trade active
New idea.
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