Good Morning, Traders!
Monero has been trading in the bearish direction since the beginning of March and has recently began consolidating along the shorter 78.6% fib retracement line. Following the Gann fan, the price is predicted to reverse off the 2/1 line or break and continue going south.
There is a support line matched with the 2/1 gann fan line that provide for a strong support to reverse the trend. But the Ichimoku lines indicates the opposite to occur and that the trend will continue.
Looking at the Exponential Moving Averages, it can be seen that the EMA 20 has been moving close to the EMA 200 and just recently at the beginning of April fell below the EMA 200 signaling to sell and a potential bearish movement if it continues.
Important Resistance Levels: 249.03
Important Support levels: 120.47, 151.88
DISCLAIMER
WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.
CONFLICTS OF INTEREST
GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
Written by:
Hammad Fazlani
Research Analyst
Monero has been trading in the bearish direction since the beginning of March and has recently began consolidating along the shorter 78.6% fib retracement line. Following the Gann fan, the price is predicted to reverse off the 2/1 line or break and continue going south.
There is a support line matched with the 2/1 gann fan line that provide for a strong support to reverse the trend. But the Ichimoku lines indicates the opposite to occur and that the trend will continue.
Looking at the Exponential Moving Averages, it can be seen that the EMA 20 has been moving close to the EMA 200 and just recently at the beginning of April fell below the EMA 200 signaling to sell and a potential bearish movement if it continues.
Important Resistance Levels: 249.03
Important Support levels: 120.47, 151.88
DISCLAIMER
WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.
CONFLICTS OF INTEREST
GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
Written by:
Hammad Fazlani
Research Analyst