Monero (XMR) Market Update for Feb 8, 2019

Feb 10, 2019 --- Altcoins


XMRBTC indeed spiked up above the 0.013 level over the past 24 hours which has sparked yet another blue SCMR reversal signal coming off of the still bullish 200 SMA which is keeping long-term market structure intact, all good signs for the bulls moving forward, although the wedge breakout remains anaemic and candle formations leave something to be desired so we're still quite skeptical of the move at this point. Also note that all of the shorter-term moving averages continue to fall, the volume indications are still under some pressure, and the Ichimoku Cloud remains bearish out in front of the market, so until we see a CR UP confirmation or a breakout above 0.0xxx we'll move to the sidelines for another retracement. 


We we have activated a small LONG position off of the 0.0000xx level with a stop around 0.0000xx, an initial target of 0.0000xx, and a secondary target of 0.0000xx.


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