XMRUSD closes higher for the 2nd day in a row
XMR/US Dollar Index (XMRUSD) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, XMRUSD ended Sunday at 64.34 gaining $1.79 (2.86%). Today's close at 64.34 marks the highest recorded closing price since September 23rd. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Saturday's high at 63.40, Monero confirmed its breakout through the previous session high after trading up to $1.68 above it intraday.
Daily Candlestick Chart (XMRUSD as at Nov 10, 2019):
Sunday's trading range has been $2.68 (4.29%), that's below the last trading month's daily average range of $3.91. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for XMRUSD.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on October 28th, XMRUSD lost -2.93% on the following trading day.
Prices are trading close to the key technical support level at 62.07 (S1). Prices are trading close to the key technical resistance level at 66.60 (R1).
While XMR/USD is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Buying could accelerate should prices move above the nearby swing high at 66.60 where further buy stops might get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Hikkake Pattern" stand out. Its common bearish interpretation has been confirmed for XMR/USD. Out of 88 times, XMRUSD closed lower 62.50% of the time on the next trading day after the market condition occurred.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more