Quote from: Siexpert on May 27, 2015, 02:37:43 PM

Quote from: kurious on May 27, 2015, 02:21:06 PM

Since this thread is Monero Speculation - anyone care to speculate on price action?

I've been buying on the way down - makes sense to average down, given I am in for the long term.

I am a long term bull since first days of the Polo listing, but any thoughts on the support at .0016 holding - or is this headed for a bottom around the .0010 mark... I am under water under the 20's. Not concerned, just want to pick up more at sensible levels.

I know TA may be irrelevant and Polo's recent edicts are affecting things - but some speculation would be of interest and much appreciated.

The 1-day RSI was already at oversold levels when the price has fallen below below 0.002 for the first time during this downtrend on May 4th. The RSI is higher now then it was on the previous low (on May 5-6th), so if the price fails again to break the 0.0016 level, there is a good chance (I'd say 70%) that this will be the lowest price in the next 3-4 months.
But for someone who is already holding Monero, and only wants to buy more to get a better average entry price, I would wait to see if the 0.001 level can be reached (this is my case too). If you don't hold any Moneros and you are looking for a good entry point, the 0.0016-0.002 zone if a good one in my opinion.

Thanks. I think it can't stay sub-0.002 for long, but the price is taking a severe pasting just now and the bottom doesn't look 'in' yet. I already have some low bids in case a whale smashes it down further - and I am looking to get my average down, but it will take bigger buys to get me way under average 20 now - unless I can buy very much lower.

Glad your long term forecast is in tune with my gut feeling, nice to have some TA back up the sense it is very much oversold already.

Watching and waiting is the name of the game....

Appreciate the response