Monero (XMR) Market Update for Nov 16, 2018
Nov 19, 2018 --- Blog
While it is somewhat encouraging from a short-term perspective to see the market continue to consolidate in the mid-0.015's, which implies no new lows, when we zoom out to the weekly chart things remain firmly bearish given the clear breakdown out of the symmetrical triangle on a red SCMR signal and CR cancellation which has also sparked dynamic resistance at the previously mentioned 0.0177 level. We can also see that the EMA's remains bearish and are still acting as resistance, the 50 SMA is slowly moving lower as well, stronger levels of dynamic resistance are still actively building above 0.019, and the momentum oscillators are mixed but with room to fall, all suggesting lower prices are in the cards before a sustainable bottom materializes. Having said that, given the current state of the volume indications if the bulls can successfully defend the 0.01295 lows on the next leg lower then we'll begin to get much more bullish moving forward.
We will consider a LONG position on a selloff back down to the 0.0XXX - 0.0XXX with a stop around 0.0XXX and a target of 0.0XXX.
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