Monero Price Report for November 30, 2016
Nov 30, 2016 --- (ARCHIVED) Altcoin Price Reports
Market Commentary:
XMR continues to outperform almost every other altcoin, especially considering the 20+% move we saw today, although this time the price action was driven by a fundamental catalyst rather than a confluence of technicals. In what was a very unexpected announcement, Bitfinex added XMRBTC and XMRUSD pairs to their trading platform. This is significant if for no other reason than it represents the first legitimate USD trading pair for XMR which could open the market to a new class of investors.
Despite the tarnish on the Finex brand recently, we think this will be viewed by the market as a generally positive development, particularly since it was done without the outside help of the XMR core team to implement. This should be a signal to the industry that Monero is not to be dismissed.
Today we show only the daily chart given we have been posting shorter term charts on the Slack channel all day, plus we want to put this move into context from a medium term perspective. We can see that SCMR is once again painting [members-only text] while dynamic support continues to build around [members-only text], and price briefly broke above previous highs as well as the [members-only text] areas. Additionally, the EMA's and SMA's remain bullish and volume profile looks decent below that market. Having said that, the breakout today above previous resistance has been rejected so far and exchange volumes are less than impressive for what should be a confirmation move, which tells us that this will likely be [members-only text] event eventually.
This notion is confirmed by the momentum indicators seeing as though the Stochastic is entering overbought territory, Willy and RSI are getting close, MACD is showing a bearish divergence, and PPO is flashing weak [members-only text] signals. Not only that, but the A/D line has not picked up much steam to the upside, market structure remains mixed, and significant historical resistance still hangs in the [members-only text] area.
While we cannot rule out a continuation up to the SCMR dynamic resistance area around 140, we would be sellers at those levels for a correction back down to the psychologically significant [members-only text] level at the very least, if not back down to the [members-only text] support region. Until then we wait for the market to top while trying to catch a quick scalp up to [members-only text].
Overall things continue to look on track for a bullish 2017 considering XMR's strong underlying fundamentals and its upwardly biased medium to long term technicals. That being said, price could be challenged over the near term regardless of whether we fail to make new highs above the 128 level or if we breakout to test the [members-only text] area, but we want to continue to buy dips down into support in order to add to the long term ProTrade.
XMR ProTrade Ideas:
1). **Very Short term [NEW TRADE ISSUED on 11/30/2016]**: We will consider a [members-only text] position on a pullback to the [members-only text] area with a stop around [members-only text] and a target of [members-only text].
1). **Short term [UPDATED on 11/30/2016]**: We will consider a [members-only text] position on a pullback to the [members-only text] area with a stop around the [members-only text] level with a target of [members-only text].
2.) **Medium Term [UPDATED on 11/30/2016]**: We will consider adding to the LT ProTrade around the [members-only text] level with a stop around the [members-only text] level and a target of [members-only text].
3.) **Long Term [ACTIVE; ENTERED @ 0.00595 on 10/29/2016]**: We will stay LONG off of the 59.5 level and a target of[members-only text]. We will add substantially in the [members-only text] area.
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