Monero trading cryptocurrency market update for Feb 25, 2019
Feb 25, 2019 --- Altcoins
The Monero Bitcoin pair continues to struggle with the falling 100 SMA and the bottom of the still bearish Ichimoku Cloud which once again rejected a rally yesterday thus sparking a red SCMR signal on a bearish candle formation that was also a CR cancellation, all while near-term market structure gets heavier within what could be a descending triangle formation which suggests that the bears are currently in control. Also note that the current candle formation is bearish and is a red SCMR signal as well, price is back below the bearish EMA's and the flatlined 50 SMA, the momentum oscillators could use some more recharging, and the volume indications remain under sell pressure, so we expect more downside over the coming days before the bulls return in earnest. That said, price is in an OTE long zone where support has emerged in the recent past so a quick bounce back up to the 0.0xx region is not out of the question before the low-0.0xx's are finally tested.
Short term Members ProTrade - We will consider a small LONG position on a retracement back down to the 0.0xxx - 0.0xxx area with a stop just below 0.0xxx and a target of 0.0xxx.
Medium term Members ProTrade - We will consider a LONG position on a continuation down to the 0.0xxx - 0.0xxx with a stop just below 0.0xxx and a target of 0.0xxx.
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