If there’s no way to know where digital currencies are going, how do you explain our accurate forecasts for Monero?
by Nico Isaac
Updated: December 27, 2021
It’s the most wonderful time of the year… for little white lies!
I don’t care how not-naughty you’ve been this year… NOTHING brings out the human potential for fibbing like the holidays. Let me offer some examples in case you think you’re an exception:
- When your mother-in-law insists, “Don’t even think about making up the spare room as I’m just going to stay a night or two at most.”
That was two Decembers ago, when she ended up moving in!
- When yet another dish of mouth-watering, snowman-shaped cookies is set in front of you, and you say to yourself, “I’m only going to have half of one.”
30 minutes later, all that’s left on the plate is a single, black icing top hat.
- When a certain relative re-gifts you the same sweater with the Rudolph lightbulb nose you gave him three Christmases ago, you lie through your teeth and say, “I love it!”
Feel free to add to the list as you see fit.
These little white lies are, for the most part, harmless. No one gets hurt except maybe the snowman cookies!
But what about the widespread notion that cryptocurrencies are beyond the pale of predictive algorithmic price models? In essence, the constant machinations and manipulations and speculations intrinsic to the sphere of digital tokens makes them about as erratic as Uncle Ed after one-too-many Eggnogs!
Case in point, this December 17, 2021 article titled, “Millennial Millionaires Plan to Add to Their Crypto Investments in 2022, Reveals Survey.”
“About 48 percent of millennial millionaires plan on increasing their crypto investments in 2022.
“Now, it is nearly impossible to predict the future of cryptos but seeing what investors with larger portfolios and a higher level of comfort in the space are doing gives an interesting perspective on possible outcomes.”
The belief in crypto’s lack of rhyme or reason is ingrained in mainstream financial wisdom. Many investors accept it as such and rely on hope and luck to stay on the right side of market moves.
But if this were true, how do you explain our Crypto Pro Service’s long-term analysis of Monero, which accurately foresaw the market’s performance over the last 16 months?
Here, we go back to our Crypto Pro Service on April 17, 2020, when chief analyst Tony Carrion showed a version of this chart of Monero. He said the price-bludgeoning bear market that began in December 2017 was complete, which set the stage for a tide-turning third wave advance.
In Tony’s words:
“We are sticking with the bullish scenario because we keep getting an increasingly stronger case for it. So, we’ll have to see… if Monero can make some dinero.”
From there, XMR took to the upside and didn’t look back. On October 9, Crypto Pro Service presented this weekly chart of Monero and called for a sustained advance into record-high territory.
Again, it was up, up, and up in Monero from there. In the ensuing 7 months, the once-anonymous altcoin came out of the shadows, outperformed the entire crypto complex, became the most-used privacy coins among altcoins, and was widely dubbed “Ethereum Killer.”
At its May 2021 peak, on May 7, 2021, our Crypto Pro Service put forth a bullish, and bearish, scenario. Prices had pulled back from their all-time high at 517.42 and, according to our analysis, a resumption of the uptrend was contingent on prices remaining above critical support at 289.
If breached, the stage for further decline was set.
In the following weeks, prices did breach support, confirming the bearish pullback. And from there, Monero has fallen 60% from its May 7 peak.
It would be a bold-faced LIE to say that every Elliott wave forecast follows its script to the letter.100% accuracy is not a benefit of Elliott wave analysis.
What we can say in total honesty is this: Elliott wave analysis identifies high-confidence set-ups on the price charts of the world’s leading crypto markets via our premier Crypto Pro Service.
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Nor is it about waiting until major price turns have already occurred.
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