Monero (XMR) Market Update for Feb 11, 2019

Feb 11, 2019 --- Altcoins

Monero (XMR) Market Update for Feb 11, 2019

Daily Chart

XMRBTC has been treading water primarily above the key 0.0xx level over the past few days on what are still bright green SCMR signals and bullish candle formations while market structure continues to improve off of the double bottom within a double bottom in the 0.0xx region, all good signs for the bulls moving forward, as is the fact that the short-term downtrend line has been broken thus voiding the descending triangle that we spoke about last week. Also note that the EMA's are accelerating to the upside for the time being, the 50 SMA remains flatlined below the market which should help the bulls play defense, and dynamic support continues to actively build at the 0.0xxx level, so it certainly appears as though another leg higher up to the 0.0xxx - 0.0xxx area is likely once the current consolidation runs its course. That said, the momentum oscillators are in need of a recharge soon, the volume indications remain lackluster, and the Ichimoku Cloud is still firmly bearish, so we will stay patient for sub-0.0xx levels before getting active on the long side once again.

 

We have closed the small LONG position off of the 0.0121 level at the intended target of 0.0130 for +7.44%

ENTERED @ 0.0121; CLOSED @ 0.0130

 

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