Monero! I know mostly all I post on here about is BTC but I do trade alts as well. Several of you I've mentioned Monero as one to be watching for the past couple of weeks especially in this pretty ugly alt market currently.
This is a pending fork coin where the fork will come approximately 3/14. While Monero is a strong coin overall, the fork was what initially got me interested as they typically pump in price very well. I had been charting a symmetrical triangle pattern to determine my entry position (bottom triangle). And prior to the break out of pattern, opted to enter my positions once I saw volume picking up and knowing people would likely be jumping into it for the fork. We got the breakout from the pattern and have now entered into a bullish pennant. I am expecting another break out on this pattern as well in the coming day or two. Caution is Sats value wise we are now basically at all time high territory. But I do believe we go to new highs and break bullish leading up to the fork date.
Forks are a bit of a gamble on how to play them as fork date approaches. In a fork, you are receiving "free" coins which you don't know what the value of that forked coin will be. In Monero's case it will be a fork called MoneroV and you will receive a 10:1 ratio for each Monero that you own.
In general on a fork, we see a good pump in price leading up to the fork and then a sell off once the fork occurs as people sell the original coins. Options on playing a fork:
Hold the coin, wait for the fork date and get your free coins (you are unlikely to be able to sell the original coins prior to the sell off as it likely will start prior to the actual fork day/time). In this case you are hoping the value of the forked coins is greater than the drop the original coin suffers at the fork date.
Another option is ride the pump until a day or two prior to the fork date and then sell off your coins prior to the fork. This in my opinion is your safest option. You are locking in profits from the pump and not risking a big sell off at the fork time and having the forked coins not be worth while.
With either option, the sell off at time of fork will generally allow for an oversold bounce play where you can scoop up the original coins again for a quick scalp trade or to just hold.
I don't think it's too late for Monero here as pattern is still bullish, fork date is still 8 days away and I do expect at least one more solid bull break here.
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