WhaleAgents

Monero bounces off of the trend line

BITFINEX:XMRBTC   Monero / Bitcoin
After creating a series of the lower lows, #XMRBTC has found a support in the familiar place - a major supporting trend line . For the fourth time in a year and a half, the coin bounced off of a supporting trend line . Currently, the coin is pushing higher and trying to clear the next resistance, a minor down slipping trend line connecting swing highs during the last four months. If it manages is to break and close above this trend line as well, look for a bigger move to the upside with a horizontal resistance (former support) and 38.2% Fibonacci being targeted as the next resistance levels. Moreover, the 100 DMA is approaching the horizontal resistance and IF Monero gets eventually there, we may have a confluence of two huge resistance players - horizontal line and 100 DMA, around 0.01770. If, on the other hand, Monero fails to rally and touches the major trend line again, the chances of a break are much higher as the coin failed to capitalize on the current move higher. If this scenario plays out, a quick trip to 0.01100 is on the cards as many stops are placed just below the major trend line .
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