Monero (XMR) Market Update for Dec 18, 2018

Dec 18, 2018 --- Altcoins

Monero (XMR) Market Update for Dec 18, 2018

 

Daily Chart - While the blue SCMR reversal signal that printed yesterday was a good sign for XMRBTC, it is being followed up by yet another red signal on a rather bearish candle formation that is being rejected by the still falling lower EMA so the early green shoots are already beginning to dissipate. Also note that while there is a lot of room to run higher in terms of near-term resistance up to the 0.0xx region while momentum moves up as well, price action has been lackluster today, all of the moving averages are falling, dynamic resistance continues to build overhead, the volume indications remain under pressure, and the Ichimoku Cloud continues to grow more bearish out in front of the market, so it seems as though 0.014 is currently a stretch. Granted, given the pace and magnitude of the selloff over the past few weeks one more leg higher to the 0.0xx region would not surprise us at all, but much higher than that will given the current state of the technicals. 

We activated a small LONG position off of the 0.0xxxx level with an adjusted stop around breakeven and a target of 0.0xxx.

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