FieryTrading

🔥 XMR/BTC Broke Out Of 4-Year Bear Trend

Long
BINANCE:XMRBTC   Monero / Bitcoin
Since topping during the heights of the previous bull-cycle, XMR has been losing most of its value against Bitcoin .

During this down trend, the dotted purple trend line has been respected. However, XMR/ BTC has recently broken out of said bearish trend .

Since XMR is one of the few untraceable cryptos, one could guess that this has something to do with the Russian invasion into Ukraine and the imposed sanctions on Russian individuals. Keep in mind that this is just speculation.

Break out like these do often carry some weight with them, so I'm assuming that XMR will continue to gain value against BTC . Only thing that can take us down again would be a further sell-off of BTC . For now, targets are placed at recent tops, see the blue lines.

Happy trading!

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