The 0.0021 pivot zone is continuing to exert its influence on the market. I outlined the importance of this area in my prior Monero article, and this level has thwarted the market from breaking higher two times since the 20th of this month.
Since my previous Monero article, the 0.000175 pivot has become even more solidified. This area has acted as support about 10 times so far this month. This monster pivot zone should be marked on every trader’s chart!
Monero’s exchange rate has been trapped between these two pivot zones since February 17. There aren’t any overt technical patterns that are showing any kind of market bias. Price will eventually break one of these two areas, and that will most likely show the direction of the new trend. There is also another intermediary pivot zone that has formed in the past week. The 30-minute chart shows that 0.00185 has been used by the market as resistance about four times since the 21st. This price level has also acted as support about three times.
Disclaimer: This is not trading/investment advice!
Chart Source: https://poloniex.com/exchange#btc_xmr
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