Monero: weekly market analysis (from November 29th to December 5th 2019 on a BTC / XMR pair)
Probably this December will not prove to be the good month we all expected, indeed, we will be lucky if we were able to recover the losses accumulated in the last week; having said that we don't waste any more time and we go immediately to take a look at the graphs in order to try to understand together what the next seven days reserve for us
BTC / XMR bulls on the run and price ready to collapse
To understand that the price of monero is about to come down, you don't need to look at all the time frames, so this week we'll focus only on the daily chart; here, in fact we can easily see that it is now the third time in less than a month that XMR is rejected by the resistance placed in the 0.00756BTC area. In particular, the last two maximums reached on November 27th and December 3rd have formed a pattern that allows us to anticipate from now on that the price, in all probability, will break both the support on which it is holding now and the one placed around share 0.00689BTC to return to where it came from; that will be a crucial moment for monero, if the support will hold up then there is a very good chance of a reversal, otherwise XMR will score a new low, falling still further in the downward trend underway for months now.
Weekly forecast
Clearly, for all that has been said so far, I can only say bearish about monero for this week; even if over the last five or six weeks we have hoped that this currency would find sufficient liquidity to invert its tendency in reality the increases produced have been very timid and in all probability we will soon end up scoring a new low. As we have been saying for some time, in fact, XMR, like all anonymous crypts, pays for the crackdown wanted by the FATF so it is no longer attractive as it once seemed; today as today the feeling is that to be favored are the coins that foresee high standards for privacy, but at the discretion of the user. This type of cryptocurrency demonstrates greater flexibility and can be quoted by the exchange without fear of breaking anti-money laundering regulations; the coins that instead, as monero, are purely anonymous do not allow the trading platforms to go back to the address that moved the funds and, in this way, expose them to the risk of sanctions and reprisals from the authorities. This explains why monero is undergoing so many delistings (at least three in the last two months) and seems a bit out of investors' radar.
Please note: this post is not intended to provide any financial advice regarding how to invest your money, but is for educational purposes only
