Long

Monero on the Charge!

Monero (XMR) has broken above bearish resistance trendline held intact for over 40 days, supported by a strong volume spike. "Alts" have been under a lot of pressure leading up to the BTC Gold fork, but now that the fork is concluded I expect "alts" to recieve large inflows. XMR has now broken out of a flag pattern - the impulse leg from A to B forms the "flag pole", the pink lines represent the dimensions of the flag, C to D is the length of the flag pole extended upward from the breakout of the pennant. Further upside will be limited by resistance formed by significant previous highs and the 0.236 Fibonacci retractement.
bittrexChart PatternsCryptocurrencyFibonacciFlagmonero

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