Monero (XMR) trading cryptocurrency market update for Sep 5, 2019

Sep 6, 2019 --- Altcoins

Monero (XMR) trading cryptocurrency market update for Sep 5, 2019

Daily Chart

XMR v's BTC has held up better than most alts over the past several days which has kept price above the 0.007 level up until today when a small rally back to 0.0072 has sparked a blue SCMR reversal signal on a bullish candle formation that is keeping market structure from deteriorating further, all decent news for the bulls over the near-term, as are the oversold momentum oscillators which are beginning to move to the upside. Having said that, price is still below the falling EMA's and all of the SMA's, new dynamic resistance has formed around the 0.00735 level, the volume indications remain weak, and the Ichimoku Cloud is still firmly bearish, so we'll stay skeptical of any upside until 0.00735 is taken out on a CR UP confirmation. 

Daily (USD)

XMR v's USD has come well off of the 66 $ lows from last weekend reaching above the 76 $ level today thus sparking both a blue SCMR reversal signal and a CR UP confirmation which has been followed up by rather bullish candle formations that have pushed the market up to moving average resistance, all fairly good news for the bulls. The fact that the lower EMA has been broken is good as well, as are the steady volumes indications and the increasingly bullish momentum oscillators, although the trend is still to the downside for now and resistance is building in the 80 $ region which is where we expect the rally to stop if indeed it keeps going this week. 

Short term Members ProTrade - No trade idea right now

Medium term Members ProTrade - No trade idea right now

Long term Members ProTrade - We will consider a small LONG position on a continuation down to the 0.00xx - 0.00xx area with a stop just below 0.00xx and a target of 0.0xx.


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