#Monero his on its way to create a false break down as the coin pushed below the trend line support before racing higher and it is about to close above the trend line . The coin is in a triangle which is narrowing and a break in either direction is going to happen soon. Bears thought they are in control as they managed to push the price down, however, it raced higher this morning as the bulls respond. Before that, the price pushed through the major support and it tested the 127.2% Fibonacci extension , broke through and eventually tested the 161.8% Fibo extension before rebounding.
In case we see a follow up on this move, then next resistance is the triangle resistance which comes around 0.02040, then 0.02100 - 23.6% Fibonacci. The major resistance lies around 0.02320, which is a confluence of a 38.2% Fibonacci retracement and a horizontal support line. If you want to go long #Monero, then put your stop below the triangle and measure your profit taking level against your stop.
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