MONERO (XMR) Update: Bearish Target $56 (-35% Loss Potential)
![](https://steemitimages.com/DQmV7DYu1BXRcESjnviy1SJL5YwkeGLnBo3W4dPY145ULHM/image.png)
SUMMARY
My last update for Monero, four days ago, showed a broadening triangle pattern, as shown in below chart. The red line marked the probability of price hitting the lower line of the broadeing triangle. Basically, the a,b,c (red) correction is not done yet.
The below chart has an update with a horizontal a,b,c,d,e correction marking the red wave b. So, red wave c should be next and an impulse down would be expected. If this count is correct, then the lower target would be $56 or about -35% loss potential.
Bear in mind the correction could also morph into another pattern like a rounding turn, as shown in below chart. This is really the only bullish scenario I can discern.
--
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 15ugC4U4k3qsxEXT5YF7ukz3pjtnw2im8B
ETH Wallet - 0x1Ab87962dD59BBfFe33819772C950F0B38554030
LTC Wallet - LefeWrQXumis3MzrsvxHWzpNBAAFDQbB66
![](https://steemitimages.com/0x0/https://s1.postimg.org/231h83mh7z/U5drx_NFe_Q4_Nn_YGEb9rq2_V47_X6_Yk_AQsm.gif)
Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**
@royrodgers has voted on behalf of @minnowpond.
If you would like to recieve upvotes from minnowponds team on all your posts, simply FOLLOW @minnowpond.
I'm hoping on the u-bend and getting out around $150!
I sold all of my Monero last week. It felt great, it is not a big performer compared to my other coins. I used the proceeds to get some XZC and boy has it paid off.