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Cryptocoins consolidation hypothesis

Monero contracting triangle hypothesis

Earlier today we posted the following chart on Twitter:


Monero (XMRUSD) Contracting Triangle Hypothesis

Monero was selected because we believe it is probably for the time being the strongest virtual currency and we prefer to buy it rather than Bitcoin, Litecoin, Ethereum, etc.

Scenario follow-up

From an immediate perspective the price must hold its recent bottom and a break below the lower (b)-wave would invalidate it.

The idea here would be to sell into strength towards the top of the range and to buy into weakness towards its bottom until the underlying uptrend resumes.

We will follow up and update this scenario on our Twitter feed.

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