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  • 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.

Monero Elliott Wave

Additional Levels