The Monero/Bitcoin (XMR/BTC) pair is in the midst of a strong bull run that started when the market breached resistance of 0.02 on December 19, 2017. It went as high as 0.0288 on December 20 before flashing overbought reading. In just one day, the market grew by 44%. The surge was exploited by participants who bought the breakout at 0.02 as they took profits.
As selling commenced, the market went as low as 0.02050002 on January 6, 2018. The bullish higher low setup propelled the market to another significant rally. In this run, the market went as high as 0.03210532 before sellers started dumping positions. As participants took profits, the market once again pulled back. This dip is your chance to enter the market cheap.
Technical analysis show that the market is following an uptrend channel as it creates a series of higher highs and higher lows. So far, its previous higher high was 0.03, and the current higher low is around 0.025. Should the market continue to respect the uptrend channel, the next higher high is 0.035 and the next higher low is 0.030
The strategy is to buy as close to 0.025 as possible and sell at 0.035. The uptrend is healthy and currently at an early stage so it might take the market less than a month to reach our target of 0.035.
Weekly Chart of Monero/Bitcoin on Poloniex
As of this writing, the Monero/Bitcoin pair is trading at 0.02878 on Poloniex.
Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.
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