2020-10-13 19:00 |
The Monero (XMR) price is likely nearing the end of a long-term A-B-C corrective pattern, which should end near $180.
This is part two of the Monero analysis. Click here for the first part.
Long-Term CountBeginning on Dec 2018, it seems that XMR began an A-B-C corrective formation (shown in white below), and is currently in the C wave.
Based on the length of the A wave, the two most likely targets for the top of C are at $119.50 and $179, in which the A:C waves have a ratio of 1:1 and 1:1.61, respectively.
The first target has already been surpassed, so the $179 area is the most likely to act as the top
XMR Chart By TradingView Where Will Wave 5 End?A closer look at wave C reveals a five-wave formation (shown in black below), inside which the price is currently in wave 5, which began in July 2020.
Wave 5 is created by another five sub-waves (blue) in which the price is also in sub-wave 5. This indicates that the price is quickly approaching a top.
Using the 2.61 Fib retracement of waves 1 – 3 (black) and sub-waves 1 – 3 (blue) gives a similar target of $149 and $155, respectively, even though this is below the target from the previous section.
Therefore, a closer look at lower time-frames is required in order to determine where the top will occur. The next section will be a close-up view of sub-wave 5 (blue).
XMR Chart By TradingView A Look At XMR’s Sub-WavesInside sub-wave 5, we can see another five-wave formation (blue), the price currently trading in wave 3, which is taking place in five sub-waves (orange).
If the count is correct, the entire formation could end between $146 – $157. A decline below the sub-wave 2 low of $93.54 would invalidate this particular wave count.
XMR Chart By TradingViewA close-up view of the 2-hour time-frame gives us our final minor sub-wave count (red), which predicts another rally towards $141 – $150, fitting with the analysis from the previous section.
A fall below the $115.21 (w1) high would invalidate this minor formation, but would still allow for the previous bullish formation to play out.
XMR Chart By TradingViewTo conclude, the XMR price should continue rallying towards $155 and possibly $179.
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Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto
The post Outlining Monero’s (XMR) Wave Count In Order to Determine Its Top appeared first on BeInCrypto.
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