Monaco VS Bitcoin Upcoming Wave Up

Following our previous idea on MCO/BTC, Monaco coin broke above the upside target, suggesting further growth. At the same time, during this weekend price rejected the 38.2% Fibonacci support, that is btc 0.001. Along with the Fibs, price rejected the 200 Moving Average and the upper trendline of the extended descending channel.

This makes the btc 0.001 level a key support for Monaco. If price stays above the support, MCO is likely to continue the uptrend with the next upside target at 161.8% Fibonacci retracement level applied to the current corrective wave down. This is a btc 0.0019 level, which if reached, should result in almost 100% growth against the Bitcoin in the medium term.

Break above the upside target at btc 0.0019 will most likely confirm the long term uptrend and could send price to the new all-time high.

But if Monaco will close below the btc 0.00098, the consolidation or even downtrend continuation might be the case. Although at this stage it seems like unlikely scenario.

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