Monero (XMR) trading cryptocurrency market update for Aug 14, 2019
Aug 15, 2019 --- Altcoins
Monero v's Bitcoin.
XMRBTC remains trapped around the 0.0079 level on a small red 3-day SCMR signal and a bearish candle formation while medium-term market structure remains broken, all of the moving averages continue to fall, multiple levels of dynamic resistance are still building overhead, the momentum and volume indications remain lackluster, and the Ichimoku Cloud continues to grow more bearish out in front of the market so the general bias remains to the downside until further notice. That said, we see no evidence of a move away from the current 0.0074 - 0.0084 consolidation range any time soon hence we think more sideways action is likely over the coming days.
Monero v's USD.
XMRUSD has dropped back down to the 80 $ level which means that technically the 80 - 100 $ range that we have been discussing recently remains intact, although we think a breakdown is imminent given the red SCMR signal today on a bearish candle formation that is also a CR cancellation while short-term market structure has turned heavy and new dynamic resistance has emerged around 97 $. The fact that all of the moving averages except the 100 SMA, which has been broken today, continue to fall is not great for the bulls either, nor are the lackluster volume indications or still bearish Ichimoku Cloud, so we think a test of the 70 - 75 $ area is likely in the near future.
Short term Members ProTrade - No trade idea right now
Medium-term Members ProTrade - We will consider a small LONG position on another retracement back down to the 0.00xx - 0.00xx area with a stop just below 0.00xx and a target of 0.00xx.
Long term Members ProTrade - We will consider a LONG position on a selloff down to the 0.00xx - 0.00xx area with a stop around 0.00xx and a target of 0.0xx.
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