Monero (XMR) Market Update for Jan 4, 2019

Jan 5, 2019 --- Altcoins

Monero (XMR) Market Update for Jan 4, 2019


XMRBTC has been able to retake the 0.0xx level over the past 24 hours on encouraging price action and still improving technicals such as the blue SCMR reversal signal on the weekly chart below, however the majority of signals remain firmly bearish such as the shorter-term moving averages, the fact that the 50 SMA is getting close to crossing below the flatlined 100 SMA, the multiple levels of dynamic resistance overhead, and the bearish Ichimoku Cloud out in front of the market, which is why we remain skeptical of the sustainability of the recent strength we've seen in the marketplace. That said, if the bulls can continue to defend the still bullish 200 SMA and 78.6% Fib level through the end of January then the favorable momentum and volume indications should start to positively impact price as we get deeper into 2019 which is why we are still hunting longs in the low-0.0xx's moving forward. 

We will consider another small LONG position on a retracement back down to the 0.0xx - 0.0xxx area with a stop around 0.0xx and a target of 0.0xx.

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