schwarg

XMRBTC Which way will we go???

BINANCE:XMRBTC   Monero / Bitcoin
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.
Comment: 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
Comment: Broke through overhead resistance nicely, expecting a retest in short order.
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