MONACO - Head & Shoulders forming + Support and Resistance.
We may be seeing a Head & Shoulders pattern form on Monaco, this currency tends to not sustain a high price for long since it has a low supply, therefore, it's extremely volatile so we usually always see a strong correction from a recent increase. We should also take into account that there is a solid Support and Resistance in place for the currency, you should watch these levels as indication to sell or accumulate, if we break through the resistance level we could see an uptrend to previous highs over the course of time, the support line has the opposite effect but I feel like that is unlikely at this point but we will probably touch down to it (You should pace buy at this point).
As always, trade accordingly. Good luck!
- Orange Line - Resistance levels.
- Purple Line- Support levels.
As always, trade accordingly. Good luck!
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