Monero (XMR) - A little more downside before recovery?

Not financial advise. Do your own research. The ideas shared here are the personal opinions of the BitDoctor team. Trade at your risk.

I'll keep this one a little short and sweet. There is potential that XMR has bottomed out but with the overall sentiment of the market, it wouldn't surprise me to see one more push down before recovery.

Don't get me wrong, these prices are steals but with the formation I see at the present moment (it's a little difficult to see on the 3 Day chart) shows one more push down, putting us at approximately .0090 or .0091 but I expect this to spring like no other so if I was a betting man, I would set some orders around there in case there's a wick down in that general area. According to bitfinex, that would put the XMRBTC level lower than it ever has been. .0093 is basically the all time low.

Will it get there? Only time will tell but I would say we've got about a week... two weeks tops, before we get that spring. Once the pivot occurs, I can see us reaching .02 as the first take-profit level. I'm not sure I would be targeting .03 or .035 anytime soon.