Crypto going full bubble was easy to see for some, not me. But i was able to foresaw Monero going nuts up to x400 (40,000%) in just 18 months. Check related ideas to see analisys of why xmr should have gone bubble in 2017 (darknet market adoption, reduced inflation, tail emission and privacy features).
Here a couple charts from my original monero long idea updated to see results
Cup and handle
Silver Parity
Now i am not holding any Monero but i still trust i its potential in the long term as the main coin of the darknet. That is why i've been looking for buying points, as i did earlier this year and managed to get a great re-entry for part of my positions.
Only play this setup spot and with a long-term (18-24 months) plan.
I have no doubts Monero is the best coin out there for the next features: -Privacy robustness: enforced mixing, RingCT and stealth addresses make of monero the most private and SECURE blockchain -Tail emission: miners won't have to rely 100% on tx fees for rewards -Supply distribution/penetration: As a relaunch of an interesting project with a huge premine and also the timing of it (against bitcoin, whose early miners where probably around 1 to 3, monero had at least 40-50 public images interested in the project since day 0) is one of the coins with best coin supply distribution. It was never too cheap compared with other projects and it had multiple pump and dump cycles to redistribute supply.
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We finally broke that support that rejected the downtrend last week. Now we are heading to our targets. I see monero sub 100 in less than 6 months. And i called monero at 1B market cap when it traded below 10 usd and i called 200 usd per coin when we broke the 50 usd mark. And i am a firm believer of this project, it was my entry into crypto and my luck shot to build my wealth. I think monero is the less overvalued project among the top 20 crypto-projects, but it is still overvalued, only less than the average of the market. Don't let this confuse you. Monero will suffer along with every other crypto. And will potentially reach undervalued prices and easy buys.
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Support was rejected again and we are back to resistance. Let's see what bitcoin does, as it is the cryptomarkets leader.
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Once we finally breakdown it is going to get bloody. This looks like a perfect wyckoff market top/distribution. Get ready for the mark down.
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At last playing out
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thingd getting interesting :D
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You are wellcome.
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One last bounce before 60? or heading straight to it?
@etiennez0r, I have a list of reminders next to my modest trading station, two of them perfectly apply to this
1. You will always miss trades
2. There will always be another trade
etiennez0r
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@bagofXMR, Hahahaha i have those too in my excel doc for trades xD
But in case of cryptos we are probably seeing bubbles that won't be seen in dacades again.. so it's hard to miss one of these trains.
bagofXMR
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@etiennez0r, yeah that's true. But as peter brandt recently twited, i'd better be in cash hoping to be in the market, than being in the market wising to be in cash.
TheCryptoProdigy
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Why do you think all crypto's will suffer in the coming months? It seems unlikely with all the fresh fiat waiting on the sidelines to get into crypto.
bagofXMR
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@TheCryptoProdigy, I disagree with that narrative of all that fiat waiting in the sidelines. I think most of the fiat interested in crypto is already in. And the prove is 1 month of bitcoin very far from the last ATH. It is being unable to bounce properly, it is just playing around and breaking supports. There is no institutional interest in regulated derivatives, google trends show that the interest in bitcoin is fading away, and everyone is starting to speak about bubble burst.
If price hasn't crashed yeat it is for this "hodl" reglious zealotry.
IT is not that crypto is failing, it is the nature of the markets. After a steep price increase (from 800 to 20000 -2500% or x25- in 9 months) there will necessarily come a steep price decrease.
Yeah i know, i am talking about bitcoin, but bitcoin "rules" in the crypto markets. If bitcoin price suffers badly, everything will suffer.
avinashpolepally
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@bagofXMR hey monero will go below 100USD ? (This is quite shocking). Any other over valued crypto which you think will dive low ?