Monero (XMR) Market Update for Jan 11, 2019
Jan 13, 2019 --- Altcoins
After the blue SCMR reversal signal on the bounce off of the still bullish 200 SMA in XMRBTC last week there was certainly some room for optimism to start 2019, however all of that has been erased this week due to the recent selloff which has sparked a red SCMR signal on a bearish candle formation which is keeping already bearish market structure heavy, none of which bodes well for the bulls moving forward. We can also see that the EMA's continue to fall, the 50 SMA is still accelerating to the downside and is about to cross below the flatlining 100 SMA, and the Ichimoku Cloud remains bearish out in front of the market, all of which will make it tough for the bulls to hold the 0.0xxx cycle lows moving forward. That said, there is a chance this does happen considering that the upper demand area, 200 SMA, and 88.6% Fib all reside in this area while momentum and volume remain favorable so we still want to try to buy any dip below 0.0xx in case the bulls do indeed play defense.
Pro Trade Active - We have activated a small LONG position off of the 0.0xxx level with a stop around breakeven and a target of 0.0xxx.
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