Monero: weekly market analysis (from 6 December to 12 December 2019 on a BTC / XMR pair)

BTC / XMR the bears are ready to attack

For once we start to set the ichimoku clouds already on the 30D chart, this because so we can realize that even if the increases made last month find continuity hardly monero would be able to break the resistance at 0.0098BTC; the scenario, in any case, is markedly bearish already on the 30D chart and if we take the historical low of 2015 as a reference point, we immediately understand why it is so dangerous to operate on this currency, given that between current prices and the historical minimum there is really an abyss. On the 7D chart we see instead that the price has exceeded the slow moving average (always on the ichimoku) and this, together with the fact that the MACD appears bullish, could lead us to want to open a position; but while on the weekly chart we have margins to be optimistic these disappear immediately if we move on 1D chart. Here we see a large bearish divergence under construction on the MACD, the parabolic SAR that has returned bearish, a now perfectly formed pattern that is normally understood as a short signal and only the ichimoku clouds give us the impression of a reversal, since the price has gone back over the cloud, also followed by the delay line.

Weekly forecast

I would tend to be strongly bearish on monero, but there are also discrete possibilities that I'm wrong so it's still worth monitoring this currency; things, at this point, are very simple, in case of breaking the previous highs, in the 0.00763812BTC area we will have a bullish signal, in case of breakage of the support in the 0.006898BTC area we will have instead a bearish signal. So what we need to do is stay out of the market and wait for one of these two levels to break to decide what to do.

Please note: this post is not intended to provide any financial advice regarding how to invest your money, but is for educational purposes only