Monero (XMR) Does history really repeat itself?Hello Traders,
Today we are analyzing Monero . After doing a deep dive and zooming in and our of different time resolutions I have found some very interesting similarities to the previous run on XMR. The First point to note is the bottom of each run seemed end in a similar way to each other. Some what of a cup and handle pattern on the monthly time frame pictured here by the green paint brush stoke at the bottom of each run. The Second run obviously endured the Black Swan Event of Covid shooting a wick to lower levels and adding tons of fiat injected into the economy driving the prices back up quicker yet, the structure stayed very similar. After the neckline of this structure was broken we went on a parabolic run in both instances as well. Only pulling back to test the top of the prior structure neckline.
So this leads us to the current situation that we are in now here. The price action has broken the neckline once again and being powered by Fiat injection has made a few different moves yet again, still echoing the past run. Now that the price is heading back down toward the neckline I see a possible two scenarios coming into play as you can see by the green and red arrows that I have placed on the chart. Regardless of which plays out, looking at this has made me gain some confidence on the next few moves I am deciding to make. I hope this research I have done helps you do the same. Keep in mind it is important for you to do your own research as well as I am not a financial advisor and these are just my own opinions based on my research.
I hope you all have a green week and I will see you next analysis!
Savvy
