Monero Reverse Head and Shoulders

Another reverse Head & Shoulders pattern this time on Monero.

If we break out of the neckline, we should see a run of 10% back to the 200 moving average and former support / resistance level around 390/400.

If we pass 400, then we should see a retest of those all time highs around 460.

If we don’t pass 400, that’s a sign of weakness and I expect a fail and fall back down to those crash lows. If we make it back up to all time highs, then we could form a double top or break out to all time highs.

A lot of uncertainty how strong this bounce back will be. It is Christmas, and markets might be thinner.

But we are playing this Head and Shoulders pattern for a return back to 390/400 short term.

THE TRADE:
Long above 370 head and shoulders neckline
Target: 390/400 level,where we take profits

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