Monero (XMR / USD) is still in a correction phase. A so-called bear-flag correction of a previous increase as can be seen on the big picture. It is very clear that Monero has targeted the striking three low points and is heading for it.
Zoomed into the chart, the downward trend channel of the flag is visible. Some hope for rising prices is provided by the recently formed bottom of $ 190.00. There is the 78.6 Fibonacci retracement of the last climb. Many charting engineers see this typical level of correction as the so-called "last line of defense" and position their long positions there to buy early in a possible rebound.
This trading idea is also supported by the slight volume increase while the bottom has formed. If the range is around $ 190.00, I still expect a price hike that could push the price up to the triangle's upper falling trend line.
If the area is not sustainably supported by buyers, the next target is the 100 percent correction of the last increase and then prices in the range of $ 163.00 are expected.
This is NOT investment advice and does not require buying or selling. Every reader is aware of this and makes their own investment decision with their own understanding of risk management!
Cheers Jessy
