In this update, I’m going to use a top-down approach in our analysis of Monero. For those of you that aren’t familiar with what we do, we have a directional model — it’s multi-duration, its fractal, it’s all about wave formation, vibration, energy cycles and waves. You have to have an understanding of not just price but you must also understand the time component. That’s the cyclical analysis. When we do a top-down approach, we start from the higher time frames and then we work our way down and peel back the different layers of time. So I’m going to briefly walk through what Monero is looking like now, starting with the Monthly chart.

Typically when we look at the crypto market right now a lot of the altcoins don’t have enough data for a monthly cycle. However, Monero is a name that has been around a little bit longer so I’m not surprised to see that there is a monthly cycle developing. Ever since price peaked out in the month of August, we had a cycle cross the following month in September and now we’ve had two back-to-back bearish months (the last 2 candles are down). To me, there’s still a lot of room for this cycle to come lower. Without having to draw a price projection, you could cycle down into the end of the year no problem, so we’ll see. But the monthly trend is still up. You have the wave formation bands rising, that’s showing you the positive bullish wave, price is making higher lows and higher highs — that’s all indicative of an uptrend so we’re still long term bullish. Before we see Monero take another run to new highs, maybe we first need to let this cycle come back down into the end of the year.