XMR/BTC at or near Bottom? Monero below Fib Floor on Daily
The above chart is zoomed in for clarity, see full picture below.
Monero and almost all of the Alts are being dessimated by BTC.
The primary wave in this drop should have ended at the red 9.618.
Bitcoin going Ultra-Bull killed this bounce and then broke the floor.
It has just now pierced and resurfaced from a perfect Confluence.
That may have been a stop hunt as there was no Daily Close below.
But two Daily wicks below is NOT a good sign, so I am looking lower.
IF the 10.236+4.382 at 105k sats was the bottom, we need an impulsive bounce.
But to be honest the 4.382 is not a common wave ender, 4.236 should have been.
So I am looking at the blue 4.618 (common endpoint) and red 10.618 confluence.
Here is the full picture showing origin of the two Fibs:
Monero and almost all of the Alts are being dessimated by BTC.
The primary wave in this drop should have ended at the red 9.618.
Bitcoin going Ultra-Bull killed this bounce and then broke the floor.
It has just now pierced and resurfaced from a perfect Confluence.
That may have been a stop hunt as there was no Daily Close below.
But two Daily wicks below is NOT a good sign, so I am looking lower.
IF the 10.236+4.382 at 105k sats was the bottom, we need an impulsive bounce.
But to be honest the 4.382 is not a common wave ender, 4.236 should have been.
So I am looking at the blue 4.618 (common endpoint) and red 10.618 confluence.
Here is the full picture showing origin of the two Fibs:
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