✳️ Monero To Resume Growing? Two Scenarios To ConsiderMA200 represents long-term and it looks like that's exactly what is going on here.
After Monero (XMRBTC) moved above MA200 back in March 2022 it has been growing, long-term.
A correction took place that sent prices below MA200, briefly, and support was found just above the 0.382 Fib. retracement level of the bullish wave that started after the early 2022 low.
This level, the 0.382 Fib. retracement, is exactly where we would expect a bounce to take place on a pair that is super strong.
Super strength has been proven and confirmed through an entire year of higher highs and higher lows, sustained growth but, this is also happening strictly on a inverse relation to Bitcoin.
Any trading above MA200 and the Monero uptrend can be resumed.
If it moved below MA200, additional correction is possible and these levels have been highlighted on the chart.
Since Monero grew strongly vs Bitcoin and is now correcting as Bitcoin grows, if Bitcoin continues higher Monero is likely to continue lower.
The previous correction took prices below 0.786 Fib. This is shown here with a red arrow.
Namaste.
