Monero (XMR) Market Update for Dec 28, 2018

Dec 31, 2018 --- Altcoins

Monero (XMR) Market Update for Dec 28, 2018

Weekly Chart

 

While we still don't have a classic reversal pattern on the XMRBTC weekly chart yet, the bullish engulfing candle last week and the rather large doji this week are signaling that bullish changes are taking place in the marketplace following the hold of support confluence consisting of the still rising 200 SMA and the 78.6% Fibonacci retracement level a few weeks ago. We can also see that price remains inside of the upper demand area which has been attracting buyers recently while the momentum oscillators remain oversold and the volume indications are surprisingly stable, all supportive of a potential cycle low in this area, although the still falling moving averages, the still actively building dynamic resistance, and the still bearish Ichimoku Cloud will make it difficult for the bulls moving forward which is why we think the market will stay range bound between 0.0xx - 0.0xx for the foreseeable future (which means we can trade the range). 

We have activated a small LONG position off of the 0.0xxx level with a stop just below the new 0.0xxx local low and a target of 0.0xxx.

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