Monero (XMR) Market Update for Jan 31, 2019

Jan 31, 2019 --- Altcoins

Monero (XMR) Market Update for Jan 31, 2019

 

XMRUSD is still treading water in the OTE long zone and medium-term demand area while momentum continues to recharge, good signs for the bulls, however SCMR is back to painting a red signal immediately following the blue reversal yesterday, the short-term moving averages continue to act as resistance as they fall, strong dynamic resistance continues to build overhead, the volume indications remain under pressure, and the Ichimoku Cloud is still growing more bearish out in front of the market, so we still think the most likely path forward is more near-term consolidation followed by a break to the downside to test 40 $ again. 

We will consider a small LONG position on a retracement back down to the $xx - $xx area with a stop just below the $xx level and a target of $xx. 

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