Just as I theorized in my prior Monero technical analysis article; price rallied right off the 0.001 support zone and also managed to break through the big resistance zone at 0.00115. Since closing above this pivot on the 14th, the market has used 0.00115 as support about three times this week. This pivot zone is a very significant and the price action here will determine the future direction of the market
Although you can’t see it on the 4-hour chart, the 2-hour chart is showing a descending triangle formation. Price seems to be getting compressed towards the 0.00115 pivot area. This can only mean one thing: lack of buyers. If price slips under 0.00115, then another plunge back to 0.001 becomes very likely.
Disclaimer: This is not trading/investment advice!
Chart Source: https://poloniex.com/exchange#btc_xmr
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