May 16, 2019 --- Altcoins
3Day Chart
Like most altcoin v’s bitcoin pairs today, Monero is moving sharply to the upside off of the key support levels that were reached over the past 24 hours thus sparking a blue SCMR reversal signal on an encouraging candle formation while price remains in the long-term demand area, all of which is good news for the bulls moving forward. Having said that, there are a number of indications that are keeping us skeptical of the sustainability of this move such as the moving averages all of which continue to fall, the very strong dynamic resistance that is still actively building overhead, the volume indications which not that impressive, and the Ichimoku Cloud which remains firmly bearish, so, for now, this appears to be a countertrend bounce that likely ends around the 0.0xxx level.
Short term Members ProTrade - No trade idea right now
Medium-term Members ProTrade - We will consider a LONG position on a selloff back down to the 0.0xx - 0.0xx area with a stop around 0.00000xx and a target of 0.0xx..
Long term Members ProTrade - We will consider a LONG position on a move back down to the 0.0xx - 0.0xx area with a stop around 0.0xx and a target of 0.0xx
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