Monero Analysis (XMR/USD) December 6, 2017

Monero analysis

Monero Analysis (XMR/USD) December 6, 2017

There is a hard fork scheduled for September 2018 that will hopefully help improve transaction speeds and costs which has been crippling Monero for some times now. Like everything, there was a compromise reached between speed and anonymity. Anonymity was chose and participants wanting to trade often are bearing the brunt of the former.  

As market cap get pumped, prices follow suit. They are positively correlated.

 At current prices, XMR trend is steep and almost perpendicular. That means the demand for this coin has been so high prices had no time to adjust and fill in low bids.

Stochastics %k and %d are almost parallel and the more they stay this way the more prices shall continue charting towards the ultimate take profit level of $250 marked by the 61.8% Fibonacci extension level.

Of course that will be a milestone. After all, bulls closed strongly above August highs which further cements this bullish skew.

Last week, a potential double tops was scuffled after Monero prices continued with their surge above August highs. Well, this was in line with the higher time frame momentum.

Judging from price action characteristics, Monero bulls were dying for any break above $170. Check out those bullish candlesticks banding along the upper BB.

Even though price action is still within November 29 high lows, any close above $230 will significantly increase the odds of price action hitting the $250 now that we have a stochastics buy signal in place.

Last week, a potential double tops was scuffled after Monero prices continued with their surge above August highs. Well, this was in line with the higher time frame momentum.

Judging from price action characteristics, Monero bulls were dying for any break above $170. Check out those bullish candlesticks banding along the upper BB.

Even though price action is still within November 29 high lows, any close above $230 will significantly increase the odds of price action hitting the $250 now that we have a stochastics buy signal in place.

In the 4HR chart, we can easily note the reversal from the 20 period MA and bounce from support.

As price action is trending within this ascending wedge, we need a confirming bearish or bullish break out.

At the moment, we have this bullish candlestick buoyed by buy momentum and should it remain above our $230 bull trigger, traders should look to buy.

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