Monaco VS Bitcoin Uptrend Continuation

Following the previous idea on Monaco coin against the Bitcoin, price has rejected the support level at 161.8% Fibonacci retracement level that is 75.8k satoshis. MCO/BTC then went up as expected and today hit the first level of resistance, that is 100k satoshis.

This is a very strong psychological level which should give idea on further price development. Currently price spiked up above that resistance, yet, a daily close above the recent spike at 105k satoshis is required in order to confirm the uptrend.

When/if that happens Monaco is likely to continue moving higher towards 161.8% Fibs at 178k satoshis area, which corresponds to the uptrend trendline. Nevertheless, the corrective move down still would be possible, and should provide a good buying opportunity.



Please enter your comment!
Please enter your name here