Monero (XMR) trading cryptocurrency market update for Aug 22, 2019
Aug 23, 2019 --- Altcoins
3-Day v's BTC Chart
Monero v's Bitcoin price has moved back above the 0.0080 level today following a test and bounce off of the 0.0078 level yesterday thus sparking another neutral SCMR signal on a textbook doji candle while short-term market structure remains stable for now but longer-term structure is still quite bearish, all suggesting that our forecast for more consolidation between 0.0074 - 0.0085 remains firmly intact moving forward. Please refer to the previous update for additional details regarding our outlook.
3-Day v's USD Chart
Monero v's USD price is still above the 80 $ level today due to the rising 50 SMA which is decent news for the bulls, although it continues to look like the technicals are pointing to the downside due to the EMA's which are beginning to fall once again along with the bearish 100 and 200 SMA's so we think 75 $ is still in the cards moving forward. That said, the neutral SCMR signals, mixed candle formations, and stagnant momentum and volume indications suggest that more consolidation around 80 $ is likely before the bears get active once again so we'll stay on the sidelines heading into the end of the week.
Daily Pro Trade Ideas:
Short term Members ProTrade - No new ProTrade ideas at this time
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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