Since the spike in price back on 19th of April, Monaco has been steadily going down. Price declined from the 320k down to 75k satoshis in just under two months, loosing 76% to the Bitcoin.
While the price has been moving down, it broke below the uptrend trendline and the 200 Moving Average. Fibonacci applied to the corrective wave up after the breakout shows that currently MCO/BTC is trading at the 161.8% Fibonacci support level, that might start to attract buyers.
If the support is rejected, Monaco is likely to re-test the key resistance at 100k satoshis, that is a strong psychological level. Break above 100k could confirm trend reversal and establish an uptrend.
On the other hand, daily break and close below the current support at 75k satoshis could trigger a downtrend continuation, resulting in the price moving down to the next Fibonacci support level at 36k satoshis.
Originally published by Viktor Karapetjanc at FXstreet.com