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Market Commentary: XMR continues to outperform almost every other altcoin, especially considering the 20+% move we saw today, although this time the price action was driven by a fundamental catalyst rather than a confluence of technicals. In what was a very unexpected announcement, Bitfinex added XMRBTC and XMRUSD pairs to their trading platform. This is significant if for no other reason than it represents the first legitimate USD trading pair for XMR which could open the market to a new class of investors. Despite the tarnish on the Finex brand recently, we think this will be viewed by the market as a generally positive development, particularly since it was done without the outside help of the XMR core team to implement. This should be a signal to the industry that Monero is not to be dismissed. Today we show only the daily chart given we have been posting shorter term charts on the Slack channel all day, plus we want to put this move into context from a medium term perspective. We can see that SCMR is once again painting [members-only text] while dynamic support continues to build around [members-only text], and price briefly broke above previous highs as well as the [members-only text] areas. Additionally, the EMA's and SMA's remain bullish and volume profile looks decent below that market. Having said that, the breakout today above previous resistance has been rejected so far and exchange volumes are less than impressive for what should be a confirmation move, which tells us that this will likely be [members-only text] event eventually. This notion is confirmed by the momentum indicators seeing as though the Stochastic is entering overbought territory, Willy and RSI are getting close, MACD is showing a bearish divergence, and PPO is flashing weak [members-only text] signals. Not only that, but the A/D line has not picked up much steam to the upside, market structure remains mixed, and significant historical resistance still hangs in the [members-only text] area. While we cannot rule out a continuation up to the SCMR dynamic resistance area around 140, we would be sellers at those levels for a correction back down to the psychologically significant [members-only text] level at the very least, if not back down to the [members-only text] support region. Until then we wait for the market to top while trying to catch a quick scalp up to [members-only text]. Overall things continue to look on track for a bullish 2017 considering XMR's strong underlying fundamentals and its upwardly biased medium to long term technicals. That being said, price could be challenged over the near term regardless of whether we fail to make new highs above the 128 level or if we breakout to test the [members-only text] area, but we want to continue to buy dips down into support in order to add to the long term ProTrade. XMR ProTrade Ideas: 1). **Very Short term [NEW TRADE ISSUED on 11/30/2016]**: We will consider a [members-only text] position on a pullback to the [members-only text] area with a stop around [members-only text] and a target of [members-only text]. 1). **Short term [UPDATED on 11/30/2016]**: We will consider a [members-only text] position on a pullback to the [members-only text] area with a stop around the [members-only text] level with a target of [members-only text]. 2.) **Medium Term [UPDATED on 11/30/2016]**: We will consider adding to the LT ProTrade around the [members-only text] level with a stop around the [members-only text] level and a target of [members-only text]. 3.) **Long Term [ACTIVE; ENTERED @ 0.00595 on 10/29/2016]**: We will stay LONG off of the 59.5 level and a target of [members-only text]. We will add substantially in the [members-only text] area. **Premium members get to see live trades complete forecasts, and full charts everyday. To get your access to our edge, subscribe today.**  Disclaimer: Please always do your own due diligence, and consult your financial advisor. Author owns and trades bitcoins and other financial markets mentioned in this communication. We never provide actual trading recommendations. Trading remains at your own risk. Never invest unless you can afford to lose your entire investment. Please read our full terms of service and disclaimer at BullBearAnalytics.com.
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Market Commentary: Monero has been bullishly biased over the past few weeks, although we really didn't see an acceleration in buying until this past weekend. Following a break above the key psychological level of 0.01 early on Saturday morning, the market proceeded to extend it's rally up close to the 120 resistance area (118 to be exact). Since that local high price has been pulling back to test the key 100 near term support level, which has held so far, and given the importance of this level we would not be surprised to see it tested more than once in the coming days. Having said that, the market is currently trading in a consolidation range between 99 and 118, so until we move away from this area price should stay relatively flat. Moving on to the charts, today we want to look at both the 6-hour and the daily charts once again. We start with the daily chart for some context which is showing price pausing in the [members-only text] zone and at a significant historical resistance line. Those rejected wicks [members-only text] are not a great sign in terms of a continuation to the upside, however SCMR is still painting [members-only text] so another breakout remains a possibility. Additionally, the near term EMA's have crossed over to bullish, the 200 SMA remains slightly positive, and market structure appears to be slowly transitioning from bear to bull. Moving on to momentum and volume, things aren't nearly as bullish as they seem above. The Stochastic is now officially overbought, Willy and RSI are quickly moving up there, and PPO is now neutral. Not only that, but trading volumes remain unimpressive despite the recent rally, the A/D line is still under pressure, and volume profile is showing a large notch down between [members-only text]. As far as the 6-hour chart goes, we can see that we are getting some turtle soup rejection candles up in the medium term supply area, although SCMR is still painting [members-only text]. Additionally, we now have some bearish divergences emerging on what is close to overbought territory on Willy, RSI, and the Stochastic, while the A/D line remains suppressed and PPO paints significant sell signals. Finally, the short term EMA's are still [members-only text] and trendline support remains intact around [members-only text], however the 200 SMA continues to trend lower despite the near term respite above it. Generally speaking we are still bullish on XMR over the long term given very positive fundamentals and encouraging higher timeframe charts. Having said that, we think price is getting [members-only text]. For the time being we are expecting the market to range between 99 and 120 until resolving either up and out to the [members-only text] resistance area to complete the short term Wyckoff sell model, or we move lower from here to test more substantial support in the [members-only text] region. XMR ProTrade Ideas: 1). **Short term [UPDATED on 11/14/2016]**: We will consider a [members-only text] position on a pullback to the [members-only text] area with a stop around the [members-only text] level with a target of [members-only text]. (b) **[CANCELLED on 11/14/2016]**: We have cancelled our previous VST ProTrade (b). No new VST ProTrades at this time given poor risk/reward profiles at current levels. 2.) **Medium Term [ISSUED on 11/14/2016]**: No MT ProTrades at this time considering poor risk/reward profiles. 3.) **Long Term [ACTIVE; ENTERED @ 0.00595 on 10/29/2016]**: We will stay LONG off of the 59.5 level 40 and a target of 140. We will add substantially in the 45 - 55 area. **Premium members get to see live trades complete forecasts, and full charts everyday. To get your access to our edge, subscribe today.**  Disclaimer: Please always do your own due diligence, and consult your financial advisor. Author owns and trades bitcoins and other financial markets mentioned in this communication. We never provide actual trading recommendations. Trading remains at your own risk. Never invest unless you can afford to lose your entire investment. Please read our full terms of service and disclaimer at BullBearAnalytics.com/Legal.
Market Commentary: Up until today XMR had been in a choppy range trade between 65 - 75, one that was pressing up against the medium term downtrend line as it extended. Today that line broke, leading to a significant rally to the upside to test the EMAs, which have acted as resistance so far. That pretty much brings us up to speed, which means we can turn to the daily chart below for a look at the technicals. The most relevant feature today is the breakout above the downtrend off of the 265 highs, as well as the fact that price is now above volume profile PoC (which, btw, looks much better). Additionally, the 200-day SMA ended up holding as support, we still have a working [members-only text], and we have a [members-only text] for the first time in quite awhile. Not only that, but momentum looks very good as well right now. Willy remains officially oversold, RSI and the Stochastic have reversed to the upside, MACD still has a beautiful bullish divergence working, and PPO is flashing strong buy signals. On the other hand, the volume indicators are not painting as rosy a picture considering the A/D line has barely ticked up, exchange volumes are weak, and volume profile still needs some filling in before [members-only text]. We think a retest of the broken trendline will be in order in the not too distant future, although we also would be [members-only text] for a [members-only text]. XMR ProTrade Ideas: 1.) **Monero ProTrade - Short Term [ENTERED @ 0.00595; CLOSED @ 0.008 for +34.45% PROFIT]**: (a) We have closed our LONG position off of the 595 area at the 800 target for a profit of 34.45%. (b) **[Updated on 11/7/2016]**: We will consider adding to the Long Term position in the [members-only text] area with a stop around [members-only text] and a target of [members-only text]. 2.) **Bitcoin ProTrade - Medium Term**: No MT ProTrades at this time considering our ST & LT positions and setups. 3.) **Bitcoin ProTrade - Long Term [ACTIVE; UPDATED on 11/7/2016]**: We will stay [members-only text] off of the [members-only text] level with a stop around [members-only text] and a target of [members-only text]. We will add to the position in the [members-only text] area. **Premium members get to see live trades complete forecasts, and full charts everyday. To get your access to our edge, subscribe today.**  Disclaimer: Please always do your own due diligence, and consult your financial advisor. Author owns and trades bitcoins and other financial markets mentioned in this communication. We never provide actual trading recommendations. Trading remains at your own risk. Never invest unless you can afford to lose your entire investment. Please read our full terms of service and disclaimer at the BullBear Analytics Legal.
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