MKR / TetherUSLong
MKR Double Bottom
On this chart on an hourly timeframe, MKR is forming a double bottom pattern at the 1264 support line, meaning it could potentially present a bullish trend. The plotted neckline or the resistance level is on the .382 fib level and highlighted them from backtesting.
Now, we're in the wait-and-see mode we see two possibilities either 1) trend breakout and old resistance as a new support level or 2) rejection from the resistance level. If 2) happens the price would continue to consolidate or potentially a breakdown.
For now, since the price is consolidating as of the time of this writing, it is better to trade other alt coins until we see a price breakout/breakdown. It is still in a bullish trend in an hourly timeframe perspective.
Always plan your trades by putting a take profit and stop loss areas.
Now, we're in the wait-and-see mode we see two possibilities either 1) trend breakout and old resistance as a new support level or 2) rejection from the resistance level. If 2) happens the price would continue to consolidate or potentially a breakdown.
For now, since the price is consolidating as of the time of this writing, it is better to trade other alt coins until we see a price breakout/breakdown. It is still in a bullish trend in an hourly timeframe perspective.
Always plan your trades by putting a take profit and stop loss areas.
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