CMT / BTC technical analysis [BINANCE]

By MrBullishSail | TA crypto market | 6 May 2019


CMT seen from the temporality of 1W we can observe a bearish movement during the whole month of April, agrees with the bullish movement that has had BTC during the same month, CMT, alctualmente is in stage of accumulation like many other currencies of the market, the setup that it presents allows us to speculate on the possible movement of CMT for the following weeks.


In the next few weeks we should see an upward movement above the ITZ point located within the price range of 611 - 683 (this will be our number one take profit), when these movements are made, we should expect a throwback that ends up finding support on the same level of support or a little below the support of the ITZ point by marking an LH that finally ends up picking up the momentum that brings the price to our number two take profit located at 830.


CMT seen from the temporality of 1D we can observe how the movement begins to change, we have a hammer candle, followed by the current candle that is marking us a maximum above the consolidation range, this is always an indicator of new highs.


In the image above we have the closest event for CMT in June, it is an important event in which 50 businesses will start using e-commerce applications with CMT.


I have added an image capture that contains the coin data and a brief description of the project that supports it. I will be adding this section in my post analysis for anyone who does not know about which project I'm doing the analysis and can be more informed about it, I do it this way to not add my imagination empirical data that are officially within the exchange where the market analyzed operates.

More info:


In conclusion, CMT is currently in good buying zone, we could get a good profit if we reach our take profit number two, there is good fundamental in the medium term, as well as keeps a good bullish setup within the chart.


As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

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