After reaching the BTC 0.034 high, Monero started to correct downwards breaking below the 200 Moving Average, descending channel and the 38.2% Fibonacci retracement level. These are strong indications that the correction might extend further.
However XMR/BTC is already close to the first strong support at 50% Fibonacci and only break and close below it should result in further decline towards 61.8% Fibs at BTC 0.02, which is also a psychological round number.
It is yet to be seen whether Monero will be able to hold 50% or 61.8% Fibs, alternatively price could go even lower to test 76.4% level at BTC 0.016.
However XMR/BTC is already close to the first strong support at 50% Fibonacci and only break and close below it should result in further decline towards 61.8% Fibs at BTC 0.02, which is also a psychological round number.
It is yet to be seen whether Monero will be able to hold 50% or 61.8% Fibs, alternatively price could go even lower to test 76.4% level at BTC 0.016.
Nota
Monero hitting second resistance, needs to break above
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