Monero Analysis – Bearish flag is pointing south

Second piece of the day is Monero. For the last time, we mentioned this coin on the 26th of June and we were bullish. Quite surprisingly cause situation on the market back then was not too good. In our previous analysis we said:

“Currently, the price is creating the double bottom formation, so there is a chance for another bullish attack. The overall situation on the crypto market is not encouraging but seems like Monero is not bothered about that. Current price action gives quite high chances for a further rise and another test of the 153 USD. „

Back then, the price was around 129 USD. The resistance on the 153 USD was reached on the 17th and 18th of July. That was a great call. The price reached this resistance driven mostly by the bullish flag formation (blue lines). Big picture is not good here. Generally, the flag is pointing south, the same goes with the bounce from the red resistance. As for today, we are up 6% but the breakout of the lower line of the flag seems more probable. Bearish scenario will be denied, when the price will climb back above the red line.