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by Seth Parker on May 3rd, 2018

Monaco Analysis – 11 USD supports the buy signal

Thursday we start with the analysis of the Monaco. The last time, we talked about this crypto on the 19th of April, when the coin was aiming the stars, surging from the 9 to 26 USD. That obviously was a sign of an enormous strength and the movement, which in theory, should kill all the demand.

monaco Chart

What happened later was very predictable. We all know, that the profits on the crypto market can be very fragile. That is why, any stronger pump is not very sustainable. It was not different here. Buyers started to take profits from this movement straight away and the MCO entered the correction phase.

Sentiment is still positive. The correction is very technical and it shows us that the demand is still controlling the situation. The price is showing a great respect to the 11 USD support. This area is important since the September and as long as we stay above this line, the buy signal is on.

Buy signal will be denied once the price will break the red support but chances for that are now limited.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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