MKR / DAI technical analysis

By MrBullishSail | TA crypto market | 10 Jun 2019

$5.13 tipped


MKR seen from the temporality of 1D we can see how the current structure of candles has formed a series of higher heights and higher minimums after the price made us a double floor on the support located at 292, I have indicated in the chart above by two blue circles, Currently the price is taking a short break near the resistance located within the price range of 751 - 810 indicated on the chart within a gray rectangle, the price should mark a new HL to continue with the bullish setup and get to break the resistance and reach our area of supply located within the price range of 1158 - 1199, this would be our first take profit.

MKR seen from the temporality of 1W we can observe from a wider perspective as the price is respecting the diagonal of trend, I have indicated with red arrows on the chart the possible trajectory that should follow the price to get kept above the trend support.

MKR seen from the temporality of 1H we can observe as the previous candle has marked us a bearish candle confirming a retreat, I have indicated in the chart above the ITZ zone of H1 located within the price range of 686 - 694 where the price should find strong demand to continue with the break of resistance, the trend line will be a great reference when the price approaches that zone, in case the price closes below the diagonal and confirms the movement, then the price is very likely to fall to the support located at 634, a break of that support and the price could form a pullback touching the diagonal of the major figure (seen in the graphs of 1D and 1W) and continue with the upward movement.

In conclusion, the price maintains an upward movement through a series of HH and HL, the price is currently forming an upward setup very close to the resistance, if the pattern is completed correctly we would see the price make an early break of resistance otherwise the price is very likely to fall back to the diagonal major and we form a potential triangle symmetrical to get to our take profit located at 1158 -1199, then the most recommendable thing is to wait for a confirmation in the point ITZ of H1 that we can observe in the image above, a rupture of this zone could be the signal of a possible pullback below the 634.

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


TA crypto market
TA crypto market

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