Monero price expectation: still bearish, expect below $100

in #crypto • 6 years ago

It looks like there is still no clear price consensus or expectation in the market. However, we are for sure far away from last year's bull period. In my opinion, there will be no new 2017 rally anymore.

Anyways, I just want to share what I see from a wider perspective. I have been trading Monero (XMR) against the USD for around a month. It is mainly because of the higher price volatility.

Below is the daily chart of XMR against the USD. The price fall between June and August created a positive divergence and the current uptrend can be predicted from this move. However, the volume and price rejection from $140 provide more arguments for the bearish scenario.

It looks like XMR is in a triple correction pattern. This means that XMR may go below $100 once again in the next days. The previous bottom was around $70 and this one may hit low $60.

If you like what you see and read, you can tip.

BTC: 19vHuWQnAfP31LBBHq8eCewjCk4ctfBjow

#monero #cryptocurrency #trading
6 years ago in #crypto by
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