Monero has been retracing for a couple of weeks now. The coin has created two lower highs near the top of the daily chart and it has since continued to retrace. The push lower was has been accelerated after the Monero broke the horizontal support at 0.02300. The break prompted the coin to advance its losses as we currently trade around 0.01850.
Technical picture is quite clear and it points towards lower levels i.e. 0.01600 which is 78.6% retracement, and more importantly zone between 0.01300 and 0.01400 which represents a confluence of a trend line, horizontal support line and 88.6% Fibonacci zone. A bounce from this zone is to be expected. A stop loss can be placed below previous swing lows around 0.01100 while profits should me taken in the 0.020-0.022 zone - previous support and now resistance.
Entry: 0.01350
SL: 0.01050
TP1: 0.02000
TP2: 0.02250
Technical picture is quite clear and it points towards lower levels i.e. 0.01600 which is 78.6% retracement, and more importantly zone between 0.01300 and 0.01400 which represents a confluence of a trend line, horizontal support line and 88.6% Fibonacci zone. A bounce from this zone is to be expected. A stop loss can be placed below previous swing lows around 0.01100 while profits should me taken in the 0.020-0.022 zone - previous support and now resistance.
Entry: 0.01350
SL: 0.01050
TP1: 0.02000
TP2: 0.02250