Monero (XMR) trading cryptocurrency market update for Aug 8, 2019

Aug 8, 2019 --- Altcoins

Monero (XMR) trading cryptocurrency market update for Aug 8, 2019

Daily (XMRBTC)

While we're still fairly encouraged by the fact that Monero v's Bitcoin  continues to outperform most major alts thus keeping the potential double bottom intact, the retracement back below 0.008 is not a great sign for the bulls heading into the upcoming weekend considering it has sparked a neutral SCMR signal on a bearish candle formation that is keeping dynamic resistance in effect overhead, so we think caution is warranted over the coming days. The falling SMA's, still lackluster momentum and volume indications, and firmly bearish Ichimoku Cloud also suggest that trendless conditions are likely moving forward so we'll stay neutral until further notice.  

Daily (XMRUSD)

Monero v's USD has dropped back into the low-90's $ following a failure to get above the 100 $ yesterday which has flipped the current SCMR signal to dark green on a bearish candle formation that remains inside of the lower supply area while the volume indications begin to deteriorate and the momentum oscillators are in need of a recharge, all pointing to more consolidation but with a slight near-term bearish bias. Having said that, we think there is a fairly good chance that 90 $ holds on further weakness hence we think price stays range-bound between 90 - 100 $ at least until the start of the weekend. 

 

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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