Monero tested an all-time high against Bitcoin on the 28th of August when it tested btc 0.035. Since then a steady and consistent downtrend begun where Monero lost 70% of it's value to Bitcoin, dropping from btc 0.035 down to btc 0.01.
From btc 0.01 Monero started to gain and went up until btc 0.022, where it found the resistance at 527.2% Fibonacci retracement applied to the corrective wave after the descending channel breakout.
It doesn't seem that Monero has the momentum to go higher at this point while the resistance is holding. Break above and the daily close above btc 0.022 should provide some strength to Monero eventually pushing it higher. But for now, it seems price has stuck between the support at btc 0.015 and resistance btc 0.022.
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Monero reached the resistance and breaking above, more upside potential there
Monero lost against Bitcoin.That means Bitcoin is stronger then US Dollar.Means US Dollar is weak against cryptocurrencies,means Monero is stronger.
What next?My theory is buy MoneroUSDollar(XMR/USD).Does it sounds logically?
CryptoPAMM
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@gtomi001, Monero weak against Bitcoin = Bitcoin strong against USD? where is that logic?
gtomi001
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@hitech, When the cryptocurrencies are stronger,USDollar is weaker.It is similar than OIL and GOLD.When GOLD is strong,OIL is strong as well and and the Dollar is week and vica versa
Commodities against Currencies,Cryptocurrencies against Currencies and vica versa
What next?My theory is buy MoneroUSDollar(XMR/USD).Does it sounds logically?