Traders taking notes took profit above 470 on December 20th (see related idea), hopefully reclaiming those liquidated shares on the monstrous wick created in the midst of the Bitcoin pullback just two days later (I bought everything I could under 200 USD).
After Bitcoin's big drop, XMRUSD's 2.618 of the prior reaccumulation phase has provided solid support. Since then we have seen consolidating prices and in the form of an ever-tightening funnel. That funnel has just been breached to the north, with immediate targets at
- resistance created by the previous all-time high at ~463 USD, and
- the target of the funnel at ~572 USD (over 40% above current levels)
Note that the target of the funnel aligns with the 1.5 extension of the large -- we will see how much longer this remains useful. XMRUSD is still looking quite , and the improving fundamentals of Monero give me the impression there is plenty of room left for this rally in 2018.
XMRBTC is respecting its ascending and finding support for the first time on prior resistance. Given that prices have been loitering near the center of the (which represents a market equilibrium), this ratio has room to double. This does not surprise me, given Bitcoin's dwindling dominance in the total market-capitalization of cryptocurrencies.
XMRETH is also breaking the downtrend that brought prices into a historical buy-zone. The rejection of this zone is quite notable given Ethereum's prolonged and consistent rally. Look for on this trade pair to gauge the strength of XMRUSD's uptrend.