The graph is clearly bullish. Monero serves a similar function as bitcoin, as a store of value. The long term trend is simply up.
Through 2017, the price ratio XMRBTC fluctuates between 0.01 and 0.035. The recent bounce took XMRBTC from 0.011 to 0.015, signaling the end of the decline. The fact that XMRBTC did not break previous low is very bullish, plus Elliot Wave Count structure is strong.
Bitcoin may decline a little, but Monero will rise far more, especially against USD.
XMRBTC going up well. Still early in its bullish trend. BTC should go down even more.
Shockinalive
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It's around 0.0145 btc right now.
Should we wait right now for some correction and then buy back in at 0.0142?
Could you give us some buying targets perhaps?
larry47
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@Shockinalive, now is a good time to buy XMR. Whether you buy today or tomorrow, matters not so much.
Thanks for this nice post. Only question i have - when i plot BTC against Monero, the rise was fueled by the money leaving BTC over the last couple of days - are you sure this upturn is correct or is it going to fizzle once the money flows back into BTC ?
Craig
larry47
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@CraigCurtin, I am not SURE about anything in trading. Technical analysis shows me high-probability scenarios, and I draw them on the chart.
The tall green bar on Nov 6 tells me there is a shift in sentiment. Monero was up 20% on that day, when BTCUSD bearly drops 5%. So to address your concern, XMR goes up even when money flows back to BTC