On the 26th of June, Monaco coin has formed a strong bottom at 75k satoshis, after which price started to move up, resulting in a healthy 105% gain over the Bitcoin. MCO/BTC has reached the 154k satoshis high, after which a sharp correction down has begun.
The question is; how far Monaco would correct down, and whether it is only a correction or a trend reversal? On a shorter timeframe it does look like a downtrend, although on the medium timeframe it still looks like a correctional move down.
Price is very close to the strong phsycological support, that is 100k satoshis level, and at the same time this is 61.8% Fibonacci retracement. Considering the fact that MCO broke below the lower trendline of the extended descending channel, price yet to move lower to hit 100k satoshis. At this stage consolidation could take place, but if the support is broken, the downtrend should continue towards 76.4% Fibs at 90k satoshis.
But, if the support will hold, Monaco could start a very strong uprisal, which could push price above the 155k level. On the doenside, if the 90k support will be broken, the downtrend might continue, where MCO will decline to 75k satoshis support.
The question is; how far Monaco would correct down, and whether it is only a correction or a trend reversal? On a shorter timeframe it does look like a downtrend, although on the medium timeframe it still looks like a correctional move down.
Price is very close to the strong phsycological support, that is 100k satoshis level, and at the same time this is 61.8% Fibonacci retracement. Considering the fact that MCO broke below the lower trendline of the extended descending channel, price yet to move lower to hit 100k satoshis. At this stage consolidation could take place, but if the support is broken, the downtrend should continue towards 76.4% Fibs at 90k satoshis.
But, if the support will hold, Monaco could start a very strong uprisal, which could push price above the 155k level. On the doenside, if the 90k support will be broken, the downtrend might continue, where MCO will decline to 75k satoshis support.
Trade closed: target reached
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