MCO / BTC technical analysis [BINANCE]

MCO / BTC technical analysis [BINANCE]

By MrBullishSail | TA crypto market | 27 May 2019


MCO seen from the temporality of 1M we can see the setup of a descending triangle, we also see how the current candle to reach the resistance of the triangle was not much interest by the bulls to buy in that position uq eq e has caused the candle to fall precipitously to the point where it has found important demand within the area of purchase marked in the graph above a gray rectangle, at this point the bulls returned to generate a bullish momentum, we see reflected in that long wick left by the current candle.


We also have another important diagonal that we can see in the image above, is an S / R FLIP in which we see how the structure of candles when falling from the position has made a pullback that has tested the diagonal with the candle in April, this image added to the descending triangle could be the reason that the current candle has had hardly any upward movement.


MCO seen from the 1W temporality we can observe more closely as the price has tested the diagonal mentioned above and then fall into the zone of demand and find enough strength to make the movement we see in the current candle, this candle has recently started and we see that it has started strongly, however, at an early age we could expect setbacks in growth, currently the candle is testing the support at 894, in the chart above I have marked the take profits to take into account in case the movement continues to rise, the first take profit we have located at 980, while the second take profit we have located at 1282. I have also placed two supports that the price could reach in case of a strong bearish movement, the first support we have located at 443, and the second at 293.


MCO seen from the 3D temporality we can see the figure of a descending wedge, the current structure of candles are at an excellent time within the setup in which there should be a significant movement very soon, the current candle has tested the resistance with more volume than the previous attempt, however if we count the first test, then the volume has been falling in every attempt to break the resistance, this could cause a new bearish movement that would end up breaking the setup support.


As fundamental we have that MCO has planned to send its card to South Korea by June 30 or earlier, South Korea is a big market for cryptocurrencys.

In conclusion, we must pay attention to the closing of the monthly candle, if we fail to close above the triangle is very likely to see a reversal to the point of EQ that would be located at 716, if it manages to stay above that point we could have a subsequent break of the setup, otherwise we should see the price fall precipitously to the zone of demand or below where I have marked the supports.

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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