XMRBTC: Low volume support below, will it bounce?

XMR is in an interesting juncture right now.
We have low volume profile support below at 0.001355, but the weekly signals are of a strong downtrend aiming for 0.000913 as first target, and 0.0007 as second one, by January 25, 2016 or earlier.

As long as price doesn't move above 0.001978, then this forecast is viable, and also validated by rgmov, which is in a 44 bar downtrend. (It doesn't show a new low though, so, there's a slight chance that the support below holds, or that it bounces from this zone, but it's still lower probability, judging by the overhead supply, and the sellers' activity that is driving it down rapidly).

Regards,

Ivan Labrie
Time at Mode FX

Trade closed: target reached:

Short term short worked as expected. New low, very bearish outlook, low volume support didn't hold, yet.

Comment:

Place a pending buy at the 2 week low volume support, stop loss under 0.00118

Comment:

Better yet, stop below 0.001145.

Comment:

There's a chance that the week closes like a 'hammer' candle pattern.
It might be the case that buyers stepped in a bit higher than the support level, so if you want to risk it, you can market buy here and add if it drops to the suggested entry.

Comment:

Low volume buy worked. Follow through? No clue.

Comment:

XMR is so weak...massive selloff.

Comment:

Target #2 almost hit, I'd call it a hit.

Trade active:

Short here at 0.001155, stop at 0.001312.