should be fairly boring and sideways for this pair during the coming week maybe longer. RSI to cool off and MACD to stabilize. Should be a good opportunity to accumulate in the zone between 50% and 78.6% targets for next leg on the chart, around 100% gain expected on next leg.
On the 4hr time chart, we see a clear bullish divergence forming on the On Balance Volume and RSI. Monacoin is currently on its last support zone and if this falls, we may see a drop that could go from 50% to 70%, or even more. Looking at the daily RSI, that doesn't look so likely.
First target would be around 4$
This coin has been in massive downtrend for a while now. We firmly anticipate immense price action after market recovery begins and bottom is found which will be on either of the two demand zones.
Short term (few days) price change -55%
Medium term (2-7 weeks) price change -15% to 75%
Long term (several month) price change 250% - 1,100%
MONA has decided to take a break in its long drop and appears lateralized in this narrow channel during the last week; for now it is better to be on the sidelines of this currency until it takes a clear path, although all options seem bearish in the short term.
OBSERVE THE BLUE LINE (MONA) LEAD BITCOIN PRICE ACTION BY A DAY AT EVERY VERTICAL
AT OTHER TIMES IT IS SIMULTANEOUS
MONACOIN IS MORE POPULAR IN JAPAN WHICH IS GMT -10 TO -12
DANIEL BRUNO, CMT
LOOK ME UP ON LINKEDIN
Monacoin has formed a double near $2.8 after which it attempted to break above the downtrend trendline, but no clear breakout followed. Price went back and formed another double bottom at 88.6% Fibonacci retracement.
Clearly there is strong support around $2.8 and this could be a potential reversing point for MONA/USD. But it could be a little premature at this...