Since the big plunge on April 8, Monero has has been grinding away around the 0.0022 level. To be a little bit more precise: 0.00225. This level has been used by the market as support about five times this month; two times on the 10th; three times between the 15th and 17th. This level has also acted as resistance about three times this month. Therefore, the 0.0225 price area is now a fairly major technical level. If the market closes underneath this area again in the near future, expect the bear market – which started on the 8th – to continue.
The major obstacle is currently the 0.0027 level. Since the 10th – when this area acted as resistance – price has not revisited this pivot, but the market is now slowly creeping towards it and given its prior history, this level is very likely to act as resistance again. If this area is taken out over the next few days, a rally up to 0.0033 would not be out of the question.
The 4-hour chart also shows a clean Head & Shoulders formation. The large sell-off on the 8th of April was preceded by a H&S formation as well! Are we about to sell a bull market over the next few days??
Disclaimer: This is not trading/investment advice!
Chart Source: https://poloniex.com/exchange#btc_xmr
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