Monero/Bitcoin seems to be forming this massive long term pennant structure on the weekly log scale. XMR has been performing quite well this year compared to most of the crypto market, especially Ethereum. However I'm not entirely convinced it will hold support if it breaks out. I think bitcoin has a few more months of bear market to work itself through before this valuation really takes off. If we can hold the upper trendline as support after breaking out, however, I would like to see XMRBTC touch the .01 level. We haven't seen this since October of 2020.
If Bitcoin has another leg down for this bear market in the short term, I think we're going down to .004-.0045 and hopefully we can hold that to try again.
If Bitcoin has another leg down for this bear market in the short term, I think we're going down to .004-.0045 and hopefully we can hold that to try again.
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Currently flirting with the top trendline again, let's see if it gets rejected or can cut through. Another fat BTC dump is still in the cards which could take us back to .004
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Broke through overhead resistance nicely, expecting a retest in short order.
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Uptrend still intact despite consistent bitcoin dumpage. Testing .0075
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Another month, another couple green candles. Interested to see how this valuation reacts upon retest of .008 which we saw back in early September. If it gets soundly rejected again, I'll be swappin most of my Monero. I don't have enough confidence in the crypto market currently to hold smaller caps.
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XMRBTC is currently moving in this tightening range, will probably make a move whenever Bitcoin decides which direction it's going to break from its current trend.
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With the latest Bitcoin pump we have fallen below the short term range and are heading to test the Bull Market Support Band.
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In the fallout of the FTX black swan event, and the crypto market in the dumps, Monero is still holding strong against Bitcoin. Pretty remarkable. I wouldn't have expected this much resiliency with the current conditions.
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Well lads, we're back to the .008 level and we have breached through multiple times, but still no daily close above .008 The RSI is at 68 and nearing overbought territory. Hoping for another big pump on this valuation as it approaches my selling zone of .009 - .01
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Looking at Monero/USD we can see it has recently broken out of a triangle going all the way back to the pandemic crash. We also see relatively healthy volume despite us being in a bear market since November 2021. Still confident on this price target for XMR/BTC
Trade closed: target reached