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Monero Steps Up Gains Against Bitcoin, But For How Long?

Monero continues to be a shining light among altcoins as it has racked up yet another day of gains against Bitcoin. XMRBTC is presently trading at 0.007397 and is pushing towards the immediate resistance at 0.007542. This resistance is the site of previous lows formed by the daily candles of June 26 and July 15 in role reversal, as well as the previous highs of October 17 and November 12.

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Technical Play for XMRBTC

A look at the daily chart below shows that XMRBTC still has room for greater upside movement, especially as Bitcoin continues to falter around the 7000 mark in its pairing with BTC. A break of the 0.007542 resistance to the upside could open the door for a push towards the September 18/19 highs of 0.008050 and quite possibly the August 4 and 17 highs of 0.008209 if the buying momentum remains strong.

On the flip side, XMRBTC may be pushed back if Bitcoin starts to acquire strength. This situation may see XMRBTC beat back from the nearest resistance, opening the door for a retest of 0.006827 (Sep 4, October 22 and Nov 8 lows), with the 0.006589 support below also a price level to watch under those circumstances.More content