XMR / Monero 2021 Cycle Correlating to Bitcoin 2017 Cycle

10 avr. 2021

XMRUSD

Today we will be exploring the correlations between the 2017 Bitcoin market cycle and the current Monero market cycle.

Below is a chart showing the Fibonacci retracement from the previous Bitcoin market cycle top to the 2017 market cycle top. It is important to note here that up to the Fibonacci 0.236 level is the accumulation zone for the Bitcoin 2017 market cycle.



For both Bitcoins 2017 market cycle and Monero's current cycle we see an accumulation at the 0.236 before breaking out into the bull market. If Monero follows the same trend as the 2017 Bitcoin cycle we will see a market cycle top at the 23 Fibonacci level. The posted fractal overlay on the posted chart shows the continuation of Monero's cycle past 0.618 Fibonacci level if it continues to correlate with Bitcoins 2017 cycle.