Updated idea on MONA
Might have seen the patterns wrong in my previous post of MONA. My apologies for that!
If we are going to see anything like a repetition of history, the price will probably move down more and follow given patterns.
After the previous ABC correction we tested the .236 fib level and got rejected after which the price moved below 50 day MA but found support on the rising support line (red).
I see the exact same pattern unfolding at the moment, we got a rejection of the .236 fib level and are moving back under the 100 day MA.
What I'm looking for now is for the price to find support on the rising support line and curve back up to test the resistance at 93K.
There will be a refueling period which will probably be very short-lived before moving past the resistance and blowing the roof.
Happy trading
If we are going to see anything like a repetition of history, the price will probably move down more and follow given patterns.
After the previous ABC correction we tested the .236 fib level and got rejected after which the price moved below 50 day MA but found support on the rising support line (red).
I see the exact same pattern unfolding at the moment, we got a rejection of the .236 fib level and are moving back under the 100 day MA.
What I'm looking for now is for the price to find support on the rising support line and curve back up to test the resistance at 93K.
There will be a refueling period which will probably be very short-lived before moving past the resistance and blowing the roof.
Happy trading
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