During the previous trading session, the price of Monero decreased, moving in the main trend direction on the higher time-frame.
The support and resistance levels:
The current support level is in the area of the 389.86 mark.
This level was formed by the Bullish Engulfing pattern. The pattern consists of two candles: the first one is inside the body of the second one, which is much larger. The second candle completely engulfs the first one.
The current resistance level is at the 405.44 mark.
This level was formed by the Bearish Harami pattern, which is presented with two Japanese candlesticks where the second candlestick with a smaller real body is inside the body of the first one.
Trading recommendations:
The latest signal on the chart indicates the prevalence of the long positions. This signal is valid, until the other pattern is formed.
