Monero (XMR) Market Update for Dec 6, 2018

Dec 7, 2018 --- Altcoins

Monero (XMR) Market Update for Dec 6, 2018

We return to the daily XMRBTC chart today for a look at how much damage has been done to the technicals over the past 24 hours as price has been plummeting lower and we can see that the symmetrical triangle has been broken to the downside on two large red SCMR signals and bearish candle formations that are turning market structure increasingly more bearish as price gets closer to the 0.01295 regional low. Also note that all of the moving averages are picking up steam to the downside, even the 100 SMA, multiple levels of dynamic resistance continue to build overhead, the volume indications continue to take a beating, and the Ichimoku Cloud is beginning to re-expand to the downside once again out in front of the market, all suggesting that 0.0xxx is unlikely to hold. Nevertheless, good r/r profiles and oversold momentum are enough for us to give it a shot on the long side between 0.0xxx - 0.0xxx when/if we get there, although we are keeping sizing small and stops tight due to the still bearish conditions.

We will consider a LONG position on a selloff back down to the 0.0xxx - 0.0xxx with a stop just below 0.0xxx and a target of 0.0xxx.

 

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