Regularly published in-depth analysis for the Ethereum (ETH) and sometimes other crypto tokens. We talk about the current price and a possible future development.
Let’s talk about Monero (XMR)
As long as we have to wait for ETH to continue its rise, there is another pretty nice example for Elliott Waves and sentiment.
Monero. Being the most volatile crypto asset in the last weeks it is no wonder that almost anyone in the space know (or at least heard) about it.
What might come as surprise.. Let’s better check the following chart:
What is striking for the Elliott Waves practitioner is almost the perfect 5 waves up.
It has basically two implications. Short-term, the correction down, most probably to the area between 0.012 and 0.015.
And long-term… When we see 5 waves up, the rise should continue. The author would guess, however, that we will need to build here some negative sentiment. We will see if we will cover on these pages the next potential rise. Though it’s not typical, but we did already the same for BTC, right before the last big rise started.
So if there is an interest from the readers, just let the author now in the comment area.
And to finish today, even better Elliott Waves picture for XMR, short-term one:
Wave 2 – zigzag, wave 4 – triangle, wave 3 is 1,618 of the wave 1. These are the qualities of a very nicely formed 5 waves move. What should come as the next (either from the current level or preferrable from a bit higher) is another drop down. As mentioned above, the drop down to 0.012-0.015 seems like a reasonable target.
The author hopes we will have more fuel in ETH-land soon to be covered on these pages.
The Elliott Wave Principle describes the behaviour of the financial markets. This Principle is build on the mass psychology swings from pessimism to optimism and back in a natural sequence. When these swings happen, the specific Elliott wave patterns in price movements are created and become visible. Each pattern has implications regarding the position of the market within its overall progression, past, present and future.
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