Monero (XMR) Market Update for Nov 9, 2018
Nov 12, 2018 --- Altcoins
XMRBTC continues to bleed lower heading into the weekend which has pulled price back down into the symmetrical triangle on a neutral SCMR signal and a bearish candle formation while market structure remains uncertain, none of which is what the bulls wanted to see to end the week. Also note that the still bearish EMA's continue to act as resistance, the 50 SMA is slowly turning lower above the market, strong dynamic resistance continues to build overhead, and the Ichimoku Cloud is getting close to twisting to bearish for the first time in over a year, which is why we would not be surprised if a breakdown below the bottom of the triangle materialized in the near future. That said, the CR UP confirmation from earlier in the week remains intact despite the downward movement recently, the momentum oscillators remain healthy with room to run higher, and the volume indications remain steady overall, so if the bulls can end up keeping price above the xxxx area through the weekend then next week could be a good one for the bulls.
Unfortunately for the XMRUSD bulls price has fallen back down to the previously broken triangle apex on a bearish SCMR pivot bar that is back below the still slightly bearish EMA's while the 50 and 100 SMA's continue to fall and the Ichimoku Cloud is still expanding to the downside out in front of the market, none of which bodes well for the bulls heading into the weekend. On the other hand, the momentum and volume indications remain favourable overall and price action has not been all that bad considering the selloff recently, which is why we think there is a fairly good chance that the psychologically significant xxx level holds before another shot at the xxx resistance level.
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