Monero Technical Analysis for 31/10/2015 – Imminent Reversal?

Monero Technical Analysis for 31/10/2015 – Imminent Reversal?

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In my previous Monero technical analysis, I speculated that the high-volume candle on the 30th of September was potentially signaling a change in market sentiment, but that didn’t turn out to be the case. Instead, price continued to slide lower towards the low of the candle at 0.0013. Yesterday, another daily Pin-Bar has formed right on the 0.0013 support level. Candle formations such as this one, which happen to poke through a prior support level, are much more reliable in my experience! This bar also has the highest volume since the big candle on the 30th, so this is another good sign that the sellers may be overextended. Is this candle formation signaling a market reversal? Possibly! Let’s see what happens over the next few days.

Monero-Technical-Oct30

 

Disclaimer:  This is not trading/investment advice!

Chart Source: https://poloniex.com/exchange#btc_xmr

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