Quote from: bitebits on October 18, 2016, 09:50:48 PM

Quote from: rpietila on October 18, 2016, 08:12:11 PM

I am calling a bottom at 8888.

- Just feels like that
- Dip below 0.01 was defended with reasonable volume and bounced back above
- Hammer in daily yesterday (albeit red)
- In accordance with everything I said since the pump started
- Lucky number.

Reasonable strategy is to not play FOMO. It aint goin higher. Buy methodically especially on dips. Stop-loss at 8888 if on margin.

I am not a day trader nor a whale, so to me Monero goes wherever it wants to go or is being steered. However I dare to challenge that we have already seen the bottom:

- In the past Monero has shown to be more firmly connected to the dollar price than the bitcoin price.
- Bitcoin is in a consistent uptrend.
- Price increase is usually quick and over reacting. A price decline usually hurts, badly, over a stretched period of time. That I feel we haven't experienced yet.
- Uncertainty in the market regarding potential privacy competitor Zcash.
- Monero has been around 0,50$ for a long time. A 10x price rise, that actually holds, would already be quite impressive.

So being bullish I speculate that Monero's current fair value is around 5$. That would mean between 0,007 and 0,008 BTC, if the price of Bitcoin remains stagnant. Which I think it will not. Let's see!

That was quicker than expected I must admit. Now if only I would know how to trade instead of just buy & hold, dammit Cheesy

.
But since I already own my share that makes me rather stoic I suppose.