Monero (XMR) trading cryptocurrency market update for Aug 27, 2019
Aug 28, 2019 --- Altcoins
Monero v's Bitcoin continues to bounce off of the 0.0075 lows from yesterday moving above 0.0077 today which has sparked a blue SCMR reversal signal on a small but bullish candle formation while price remains in the demand area and the momentum oscillators get close to recharged, all of which is fairly good news for the bulls moving forward. That said, all of the rest of the technicals remain firmly bearish so the burden of proof remains squarely on the bulls meaning they need to break 0.008 this week in convincing fashion in order to confirm the potential reversal we have going now.
Monero v's USD is still below the 80 $ level today on another red SCMR signal that is keeping market structure heavy despite a small but somewhat bullish candle formation while the shorter-term moving averages close in from above and the 200 SMA is still rising from below, all pointing to more consolidation between ~75 - 85 $ over the coming days. The relatively stagnant momentum and volume indications confirm this view, although the still active dynamic resistance dots and the increasingly bearish Ichimoku Cloud suggest that the near-term bias is likely to the downside to the bottom of the range.
Short term Members ProTrade - No trade idea right now
Medium term Members ProTrade - We have activated a small LONG position off of the 0.00755 level with an adjusted stop around breakeven and an initial target of 0.00xx.
Long term Members ProTrade - NWe 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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