Monero- XMR USD - Bottom of channel - Descending channel
Following on from an earlier Idea -
Monero broke it's horizontal channel to the downside, but has so far found some support at the 78.6% fib retracement level ($80-82) from the August high. Buying still seems quite weak so I expect it to keep testing this support. If it breaks this with strength we could see price fall quickly to around $60-65.
Normally I would be setting up to enter a short if it breaks below the fib support level, but due to the current market I wouldn't be surprised to see money rushing back from BTC to other crypto anytime after tomorrows fork. If only for a short time before the next one... So I will be sitting this one out and watching how it all reacts.
Monero broke it's horizontal channel to the downside, but has so far found some support at the 78.6% fib retracement level ($80-82) from the August high. Buying still seems quite weak so I expect it to keep testing this support. If it breaks this with strength we could see price fall quickly to around $60-65.
Normally I would be setting up to enter a short if it breaks below the fib support level, but due to the current market I wouldn't be surprised to see money rushing back from BTC to other crypto anytime after tomorrows fork. If only for a short time before the next one... So I will be sitting this one out and watching how it all reacts.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.