Our hopes for a breakout from that bull flag pattern last week were crushed on the 11th, when Monero broke down against BTC. We sliced through both the 100 day MA, and the 50 day MA as if they weren't there. The upper anchor to our Fibonacci levels provided little support, and currently we are lucky to find some support at the 0.786 Fibonacci at 15649.
We are likely to seek relative lows at 13876 again at some point, because there really is no indication of a turnaround here. If so, XMRBTC needs to first penetrate several Fib levels along the way, including 15107, 14727 and 14346. If we are going to see any resistance to this precipitous decline, it will be at these levels.
It is doubtful we will see any upside momentum outside of a short covering rally. The fact that we are under both the 100 and 50 day moving average is very ominous and these will provide significant resistance in the future. We'll also have to face the upper anchor of our Fibs again. What once provided support will now provide resistance at 16339. We'll see more resistance at subsequent levels at 17209, 18331, but it will be a Herculean effort for BTCXMR to make it back to 17209, let alone consider anything further.
We are likely to seek relative lows at 13876 again at some point, because there really is no indication of a turnaround here. If so, XMRBTC needs to first penetrate several Fib levels along the way, including 15107, 14727 and 14346. If we are going to see any resistance to this precipitous decline, it will be at these levels.
It is doubtful we will see any upside momentum outside of a short covering rally. The fact that we are under both the 100 and 50 day moving average is very ominous and these will provide significant resistance in the future. We'll also have to face the upper anchor of our Fibs again. What once provided support will now provide resistance at 16339. We'll see more resistance at subsequent levels at 17209, 18331, but it will be a Herculean effort for BTCXMR to make it back to 17209, let alone consider anything further.