parkerhoyes
Short

Monero Poised for Retracement

POLONIEX:XMRBTC   Monero / Bitcoin
Monero just hit a very strong Gann angle and will likely retrace back down before continuing its upward trend.

It will likely fall down to the 11 mBTC support level , but may end up retracing all the way to the next Gann angle.

The retracement will likely be a short one; in less that a week you can expect it to start rising again.
Trade closed: target reached: As predicted, Monero has retraced down to the 11 mBTC support level. Whether it continues to fall remains to be seen, but I have personally closed out my position.
Comment: It did indeed break the 11 mBTC support, reaching a low of 10.2 mBTC. This swing happened much faster than I expected.

I'd be on the look out for a potential long opportunity here if it returns to the lower Gann angle - Bitcoin is showing some weakness in the short term and I expect Monero to continue its upward trend shortly.
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