Hey guys, I know that when it comes to Cryptos, there are HODLers and there are traders. We are more of the latter, which means that we take more of an active approach when it comes to buying and selling, even with tokens that we're gung-ho about.
This particular technical analysis on Monero (XMR) was carried out last night by our Senior Money Manager Michael Mansfield, who is a bit of a dinosaur in the trading world (thank the Lord he doesn't hang out much on Steemit). Mike has traded pretty much everything under the sun during the last few decades, so I hope that you find his trading work of art appealing!
NOTE: For an update (play-forward) of this analysis, click on the Tradingview chart image above, then the triangular play button when you get to Tradingview. Enjoy and comment what you think!
Hi trader friends!
Monero, a privacy token/digital currency, is looking trendless and quite ugly!
90 DAY OUTLOOK: Sorry, More Ugliness ;-)
Seriously, without a trend, the outlook is likely flat to a "bit" higher until three of the shown cycles peak then head down after either June 2-3, June 7, or June 13th. To make it simple, more weakness is likely after early June. Then, we are likely to see lower prices until either July 13-15th, July 23, or possibly August 12, 2018 as the longer cycles bottom and turn up on those dates. I would expect a trend to develop one way or the other in July or August (perhaps up) and continue into October or longer.
If we get an acceleration up or down after the cycle turning point dates above, then we may finally be out of this larger flat pattern.
CYCLES: MIXED
There are four shown cycle sine waves shown and two vertical cycle lines separate from the sine wave cycles.
Until we get more data, it is unclear what the larger trend cycle up or down is. For now it is a trendless market.
TRADER TIPS:
Balance Point Line ( BPL ) is the horizontal dashed medium blue line. It basically splits the observed price history in half, but without the candlestick wicks this time. Note how the price resists or finds support around the BPL .
VOLUME: WEAK
Volume keeps drying up, contributing to the endles,s trend-less sideways move. Watch out after the June cycle tops...
BOTTOM LINE
Look for breaks below the Balance Point line (more likely), or possibly above the 38% retracement line (orange, less likely) that is also highlighted in black, horizontal line around where the prices are now and until a cycle breakout, then possibly up. I am not a fan of this coin at this time. Let's see what the market says over the next 90 days.
DISCLOSURE
This analysis is meant for educational purposes only. You trade at your own risk!
Cheers and good trading,
Michael Mansfield CIO
05/19/18 at 9:20 PM EST
[720-minute (12-hour) semi-log scale chart used with candlestick wicks removed for clarity].
Let me know what you think.
Comment Below!