MYRIA preparing for next big move upwards?
MYRIA has been through a textbook bearish period since a change of character in March. It has now dipped down to reach an area of confluence between a support zone (purple box), the 0.786 fib and a (potentially dubious) log support line (blue). I will now look for a bullish change of character, whereby making a new high above the white line. Alternatively, it may consolidate above the support zone for a while and then turn bullish if BTC market dominance drops significantly. The daily and weekly stochastics have both turned over bullish which adds to the confluence, however, the stochastic can remain oversold for some time whilst an instrument builds a solid base for its next move.
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.