Monero Poised for Retracement
Updated
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.
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.Note
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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