During the previous trading session, the positive dynamics of the Monero movement were seen. On a longer time-frame, the upward price movement vector also prevails.
The support and resistance levels:
The nearest support level is at the price level of the 319.49.
The level was formed by the Shooting Star pattern. This pattern is a single candlestick which is composed of a small real body and a long upper shadow. This pattern is usually called “Pin Bar” by traders.
This level was formed by the Three Inside Up pattern. This pattern consists of three Japanese candles: the first candle has a short white real body, the second candle has a white real body and is completely inside the body of the first candle, and the third candle is also white and closes above the body of the second candle.
The nearest significant resistance level is at the 348.9 mark.
The pattern formed here is Three Outside Bars Down. This pattern is a combination of three Japanese candlesticks. The first candlestick has a short white real body, the second candlestick has a long black real body and completely engulfs the first candlestick, and the third candlestick is also black, closing below the second candlestick.
Trading recommendations:
The upward dynamics prevail on a longer time period, but the short positions should be prioritized during the day because the latest signal suggests a dominant downward movement.
