Monero to test long-term support level?
Updated
We had previously expected XMR to make a significant move upwards due to:
(1.) BTC pulling back;
(2.) XMR wallet on Jaxx, release scheduled for 21st Nov reddit.com/r/Monero/comments/5cks6f/jaxx_monero_integration_update/?st=ivq21jk5&sh=70a32fb5
However,
(1.) Due, probably in large part, to real world economic factors such as Yuan devaluation, Indian demonetisation and a run to an alternative 'safe haven' while gold and silver turn bearish. BTC is looking strong again and is continuing it's climb up and attempting to punch through resistance around $760.
(2.) Jaxx have posted a progress update which suggests that the planned release of their XMR wallet on the Jaxx platform may be put off till an indefinite date reddit.com/r/Monero/comments/5dsqrf/jaxx_monero_integration_update_3/?st=ivpdi3xz&sh=20c31de1
(3.) Head & Shoulders pattern suggests a move down.
(4.) Bearish flag suggests a move down.
For these reasons, we can expect XMR to continue a bearish decline until interest is rekindled by the scheduled hard fork on Jan 5th.
(1.) BTC pulling back;
(2.) XMR wallet on Jaxx, release scheduled for 21st Nov reddit.com/r/Monero/comments/5cks6f/jaxx_monero_integration_update/?st=ivq21jk5&sh=70a32fb5
However,
(1.) Due, probably in large part, to real world economic factors such as Yuan devaluation, Indian demonetisation and a run to an alternative 'safe haven' while gold and silver turn bearish. BTC is looking strong again and is continuing it's climb up and attempting to punch through resistance around $760.
(2.) Jaxx have posted a progress update which suggests that the planned release of their XMR wallet on the Jaxx platform may be put off till an indefinite date reddit.com/r/Monero/comments/5dsqrf/jaxx_monero_integration_update_3/?st=ivpdi3xz&sh=20c31de1
(3.) Head & Shoulders pattern suggests a move down.
(4.) Bearish flag suggests a move down.
For these reasons, we can expect XMR to continue a bearish decline until interest is rekindled by the scheduled hard fork on Jan 5th.
Order cancelled
XMR broke out of bearish flag / head & shoulders pattern as BTC continues decline in price and rumours circulated that Coinomi would be including XMR in their wallet platform in the future.
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