After last run up above 0.0044 we had a healthy correction to 0.0027 area wchich is 0.786 fib level and right in the middle of strong support range between 0.0031 and 0.0025. chart shows possible double bottom on 4h waiting to be confirmed. also RSI and stochastic seem running out of steam. the main trendline was slightly broken but overall bullish sentiment stands. if bulls defend this possition we should slowly regain losses. i think it may be good spot for long possition with 30% upside potential or more. coming hours will tell
Comment:
Monero was squeezed very hard by bears today. It ended up hitting the 0.0021 (1.272fib) area below my estimates. after that we saw very strong more that 20% move up that is still gaining momentum. after hitting highs oven 0.0026 for my long idea to stay valid monero needs to develop nice support zone around 0.0024-0.0025 which was my initial low. we might see a final sqeeze below 0.0024but that should be the end of this already to deep drop. i recommend waiting for pullback and for double bottom to confirm. if it plays out as i thinklong from 0.0023 to over 0.003 will make a nice 30%-40% run up depending on your entry