Monero breaks the triangle down
Monero has broken out of the triangle after a consolidation period. The coin has pushed through the trend line support and closed below it. In a perfect manner, it returned back to support, now resistance, touched it and rotated back lower. In these scenarios, the price action usually goes and at least tests the previous swing low, but also prepares a ground for the new set of lows. The bias, in this case, is clearly bearish as traders are looking to sell any bounce, as it happened with the re-test of the trend line. If we continue lower, watch out for a test of the 161.8% support zone around 0.01500. If, on the other hand, we brake into the previous triangle again a test of the previous swing low around 0.01700, now resistance, coupled with the 200 MA, is highly likely.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.