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.
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