Short

XMR/BTC showing weakness?

By ltc-joe

Updated

Looks like it's due for a correction..

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Next stop green line...and eventually red?

Trade closed manually

Decent trade, small profits, profits are profits. Closed for now, alts may do well in bitcoin weakness.

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Back out at again due to the failure to remain above the blue line horizontal resistance. Starting to look like a bear flag/pennant:

While I'm bearish on bitcoin, alts in general may not due so well this time around, litecoin may steal their thunder.

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Going back to the EW count in the beginning of the idea, I think this probably a more accurate count (1d chart zoomed in):

Why? Well this recent rally up looks more like a corrective wave, tough to justify a 5 wave impulsive pattern there. So this would make more sense.

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Broke key support on the daily (green line)...looks like she's heading downtown. Red line next stop:

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Trade closed for now, great trade, caught pretty much the whole trend down. Breaking back above resistance now, finally some volume came. Downtrend probably still not over, so may look to short again later, we’ll see.

Trade active

Honey Badger is about to go wild, people are quitting their jobs to trade alts, noobs running wild. Short, will probably add more if we happen to go higher.

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Many getting bullish on xmr, but idk still seems bearish to me...

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Closed on the break of black trendline on the daily, small loss.

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Sold again when it appeared horizontal resistance on the daily would not hold, seems like an alt coin apocolapse today

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This seems like an a-b-c correction up on the daily...

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Heading downtown:

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Looks like support on the daily is holding, trade closed

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Sold again on the rejection of the .618 fib:

Bitcoin about to go parabolic IMO, alts will not keep up. If we break back above the .618 then OKAY.

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Such alt doom much wow, slammed down again to support, 1d rsi meeting big support line, will this hold? If not this is going way downtown stay tuned:

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Looks like this is going to break soon and fall off a cliff:

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Broke down out of the descending triangle, and broke the .618 fib into the danger zone. Looks real ominous : )

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Just adding this published chart:

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This was a nice chart : )

ltc-joe

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