MTLBTC - Resting on Unbroken Trend Support & Fib Retracement
Updated
MTLBTC is resting on an unbroken trendline support and around the 0.786 Fibonacci retracement level.
As a rule of thumb, when BTCUSD rallies (as it is at the time of writing this), altcoins suffer.
That being said, MTLBTC has a chance to show the strength of this trendline support once again.
Indicators on lower time frames are signalling the need for a further retracement, but the 1D chart is shaping up nicely.
The overbought daily Stochastic RSI in conjunction with the bearish indicators on lower time frames may create a bear trap when the bottom support is reached.
Interesting chart with lots of possibilities - worth watching!
As a rule of thumb, when BTCUSD rallies (as it is at the time of writing this), altcoins suffer.
That being said, MTLBTC has a chance to show the strength of this trendline support once again.
Indicators on lower time frames are signalling the need for a further retracement, but the 1D chart is shaping up nicely.
The overbought daily Stochastic RSI in conjunction with the bearish indicators on lower time frames may create a bear trap when the bottom support is reached.
Interesting chart with lots of possibilities - worth watching!
Trade closed: target reached
Target was reached.
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