The next 24 hours are going to be critical in determining whether Monero will continue its upward trend that it's been following since the start of November, or if Monero will face some more bearish pressure.
There's bearish divergence with MACD and the WaveTrend Oscillator which could indicate bulls are having trouble sustaining this upward trend. On the other hand, OBV is still rising and if Bitcoin shows some weakness in the short term traders may turn to Monero for protection.
Overall, I don't feel safe going long on Monero until it breaks these signs of bearish divergence. Whereas, if it falls through the 10.15 mBTC support, we could see quite a drop (likely down to the next Gann angle, at 9.5 mBTC).
There's bearish divergence with MACD and the WaveTrend Oscillator which could indicate bulls are having trouble sustaining this upward trend. On the other hand, OBV is still rising and if Bitcoin shows some weakness in the short term traders may turn to Monero for protection.
Overall, I don't feel safe going long on Monero until it breaks these signs of bearish divergence. Whereas, if it falls through the 10.15 mBTC support, we could see quite a drop (likely down to the next Gann angle, at 9.5 mBTC).
Trade active:
Monero has crossed below the 10.15 mBTC support. I foresee it falling down to the next Gann angle at around 9.5 mBTC. The previous Gann angle that was acting as a support will now likely become a resistance level.
Trade closed: target reached:
As predicted, Monero has fallen to the 9.5 mBTC level. The Gann angle shown in purple has become the new support for Monero as it continues to climb.
