Monero (XMR) Market Update for Jan 23, 2019
Jan 24, 2019 --- Altcoins
XMRBTC is moving back down from the highs reached earlier this week which is turning the current candle formation bearish and is keeping price below the still falling EMA's, not great signs for the bulls moving forward, however an SCMR CR UP confirmation is currently painting on favorable momentum while the symmetrical triangle pattern remains intact so there is still a decent shot at a rally up to the top of the triangle around 0.0xxx before the bears return in earnest. That said, we do expect the bears to return in the not too distant future considering that all of the moving averages continue to fall, dynamic resistance is still building overhead, the volume indications remain lackluster, and the Ichimoku Cloud continues to grow more bearish out in front of the market, so we would be sellers if indeed another rally materializes given we think the triangle remains intact until further notice (if anything we expect a breakdown below the formation before a breakout above it).
We will consider a LONG position on a continuation down to the 0.0xxx - 0.0xxx with a stop just below 0.0xxx and a target of 0.0xxx.
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