MONACO - Rectangle Pattern / Over sold on Fibonacci.

3 nov 2017

Monaco has recently been slammed by Bitcoin's price increase and with some bad news, they announced they would be closing some contracts with Visa which has left the community fairly outraged. If MCO is able to fix itself the currency has the potential to quickly retreat back to the $8 - $10 mark. It should continue to follow the pattern it has been for the past few months (fluctuating between the support and resistance), however, if the support lines are broken we could be looking at a longer-term decrease. I do suspect this to be the least likely option since as soon as some good news comes out traders tend to forget about the past and continue with the future which will cause an uptrend on the currency.

• Orange Line - Resistance levels.
  
• Purple Line - Support levels.
  

As always, trade accordingly.