After Monero found the bottom at btc 0.0177 price went up and today reached btc 0.022. On its' way up price broke above the descending channel as well as 23.6% Fibonacci resistance level at btc 0.021.
But at the same time XMR/BTC today rejected the 200 Moving Average, preventing it to move higher. This could result in a correctional move down or consolidation. Price could decline towards 78.6% Fib support at btc 0.018, prior to move higher. The key resistance is seen at btc 0.023, which should provide further clues on the direction of Monero.
But, while Monero is trading below the 200 Moving Average, the downtrend is still valid. Therefore, buying action should be considered only if XMR breaks above btc 0.023, while currently bears are still in domination.
But at the same time XMR/BTC today rejected the 200 Moving Average, preventing it to move higher. This could result in a correctional move down or consolidation. Price could decline towards 78.6% Fib support at btc 0.018, prior to move higher. The key resistance is seen at btc 0.023, which should provide further clues on the direction of Monero.
But, while Monero is trading below the 200 Moving Average, the downtrend is still valid. Therefore, buying action should be considered only if XMR breaks above btc 0.023, while currently bears are still in domination.