MITH / BTC technical analysis [BINANCE]

MITH / BTC technical analysis [BINANCE]

By MrBullishSail | TA crypto market | 21 Jun 2019


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MITH seen from the temporality of 1D we can see that the price has reached the zone of demand, the bulls have to get to hold this position if we want to see a pullback to the parallel channel that was broken in the previous candle, the bulls have to push strongly the price to get to claim the support of the channel and thus be able to continue rising, if not to claim the support or if the demand in 1D is not enough to hold the position is very likely to see the price fall to 160.

351665157-b752825fa3726aace3bf4f62d7deb59967302681b9e7fbc82520b0e05e6e8f48.png

MITH seen from the temporality of 1M we can see how the current candle is forming an inverted hammer candle, a sign of trend change.

351665157-fa89f1b0e030bd111ffd4fa40348b1f15c57ffc7188d0975701f01769c34b785.png

MITH seen from the temporality of 1H we can observe a prolonged descending wedge where the price has been contracting as it is realizing the minimums and maximums within the structure, currently there is a bullish divergence with respect to the RSI indicator, it is very possible that we see more bullish candles in 1H to break the resistance of the wedge and pullback to the channel I mentioned earlier.

In conclusion, the price should find strong demand in the area where it is currently located that corresponds to the support located at 452 to see a pullback for trying to claim the channel that is at 579, if the candle in 1D closes below 452, the price should continue to fall, I have placed the lower support at 160.

Important to take into account the dominance of BTC during this time, BTC is still on an upward trend and its volume has been increasing, therefore, its dominance also when this happens, operations in the markets of the alts are very unviable.

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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MrBullishSail
MrBullishSail

Technical Market Analyst Crypto trader Website: https://www.buymeacoffee.com/XCdmEAZnD Twitter: https://twitter.com/armijogarcia


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