Post
Topic
Board Altcoin Discussion
Re: THE RISE AND RISE OF MONERO
by
BitcoinNewsMagazine
on 25/08/2016, 19:47:26 UTC
Fibonacci levels used properly can work for Monero. Price declined to 50% level and tried to advance past 38.2% ran into a brick wall, heading back down to 50%. I think .0063 or 50% Fibonacci retracement has been shown to be important to Monero traders.



I think your  starting point is too low.  We already bounced off the 50% fib

.0063 is also confirmed as a significant support using PnF charts. I consider that the Monero bull run started when traders became aware that the SIGAINT email service had started a public Monero node on Tor. You can also tell from inspecting the charts that accumulation began about two months before the public announcement. That could be a fluke or possibly those in the know were stocking up on cheap Monero. rpietila considers the retracement bottom to be between .0042 and .0052.