Long

MKR FORMING ADAM AND EVE PATTERN

Updated

forming an Adam and Eve or a double bottom, indicating a bullish pattern. Currently approaching on the neckline more details on the idea threads below. Stay tuned for updates.

Note

Here is my overall daytime chart for MKR as of this writing. The neckline of the pattern is at $3039 priceline. I also placed the diagonal support for a possible breakdown (could be momentarily in my view).

Here is my chart on the bigger picture. I set my two possible profit areas in case of a breakout at around the 618 Fib area of $3115 and $3300 which acts as a strong half-month trendline from an old support acting as the current resistance for MKR.

Trade active

Entered upon the slight dip near past the neckline upon breakout earlier.

Trade closed: stop reached

My MKR trade has reached the stoploss area. Managed to secure the TP at the 618 Fib area and had an ongoing breakdown on the diagonal support mainly because of the coin being overbought based on my indicators on an hourly timeframe.

Note

My next approach for MKR is to WAIT for...
- possible bullish pattern (doublr bottom or a head and shoulders)
- breakdown confirms below the neckline

Note

MKR head and shoulder pattern

luigi360swirl

Also on:

Related publications

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.