- There is a bearish Elliott Wave formation on the lower timeframe charts.
- The market can now break lower if the 80.00 level breaks to the downside.
XMR/USD 1-Hour Chart
If you like Elliott Wave it looks like we could have seen a top in Monero.
The price has put together a 5 wave structure to the downside.
Now the XMR/USD price has moved into a consolidation pattern.
If the pattern breaks lower and goes through the 80.00 level then this could be confirmation.
What is interesting is that the wave 3 down is a 5 wave pattern on the 15 minute timeframe confirming the structure.
A longer term downside target could be 71.80 which is a decent level on the higher timeframes.
Additional Levels