XMR/USD is heading to a major price level

Fibo Quantum

  • XMR/USD has compleated a major head and shoulders pattern.
  • Price is now headed to a massive support zone.
  • If the bearishness continues the next support down is 60.000

The XMR/USD daily chart looks to be heading to a key support zone just above the 70.000 level.

Volume has been light for a few session only to pick up on the sell-side. 

On the left-hand side, the volume composite profile is showing a major volume node near this price level.

Technical protocol dictates a head and shoulders price break target is as long as the pattern. That would make the target another USD 47 lower if the key level breaks.