Monero (XMR) Market Update for Nov 21, 2018

The fact that XMRBTC continues to consolidate inside of the OTE long zone despite still red SCMR signals and mixed candle formations is very encouraging overall, however the new daily candle spiked just below the previous local lows around 0.01465 earlier today which has confirmed bearish market structure and opened the door to further losses over the short-term. We can also see that the EMA's are now stacking to the downside, the 50 SMA is about to cross below the stagnant 100 SMA, the 200 SMA remains in a steady downtrend, multiple levels of dynamic resistance continue to build overhead, and stronger support does not emerge until at least the 0.0xxx level which still leaves plenty of room to run lower over the coming days. That said, as long as the bulls can ultimately defend the 0.0xxx cycle lows before the crypto markets bottom out then the long-term prospects for this one look very bright indeed.

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

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