Monero v’s Bitcoin has continued to consolidate below 0.0xxxbut above 0.0xxx over the past few days which has extended the previously discussed descending triangle out further thus implying more sideways action over the coming days, an outlook that is being supported by the still intact OTE long zone around current levels. That said, SCMR is painting a large red signal and CR cancellation on a bearish candle formation that is piercing the bottom of the triangle, price is back below all of the short-term moving averages, the longer-term SMA's both continue to fall, the volume indications remain lackluster, and the Ichimoku Cloud is still firmly bearish above and out in front of the market, so we think a resolution away from the triangle is likely to be lower rather than higher which is why we are staying patient for another selloff before getting involved on the long side again.
Short term Members ProTrade - We will consider a small LONG position on a retracement back down to the 0.0xxx - 0.0xxx area with a stop just below 0.0xxx and a target of 0.0xxx.
Medium term Members ProTrade - We will consider a LONG position on a continuation down to the 0.0xxx - 0.0xxx with a stop just below 0.0xxx and a target of 0.0xxx.
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