Good evening fellow traders, MTL is a definitely a jumpy one and here's my thoughts on how to catch it:
Analysis
The pattern has been pretty consistent in 2018 (and most of 2017 as well) - it typically travels down a channel, bouncing off levels of support and resistance, and then jumps off in an extreme ABCD pattern settling down somewhere around the 0.5 - 0.382 level. Channel down lasts for about 12 - 15 days. which puts us about halfway through the downward channel cycle. I've drawn out the predicted pattern down and then the jump.
Key Buy zone: 390 - 365
Sell Targets:
555 - 50%
595 - 30%
645 - 20%
Timeline: Feb 18 - Feb 22
Important Points: RSI and CCI have historically been really good indicators for this coin, while increased volume is not necessarily required. Look our for both of those to touch the 30 and 200 marks respectively.
Note: What happens with BTC will likely impact MTL so it may change everything.
Lastly, you are responsible for your own action/trades, I'm doing this for fun/not suggesting anything.
P.S: I welcome any feedback or questions, appreciate the thumbs up if you like/agree with what you see
Thanks,
A
Analysis
The pattern has been pretty consistent in 2018 (and most of 2017 as well) - it typically travels down a channel, bouncing off levels of support and resistance, and then jumps off in an extreme ABCD pattern settling down somewhere around the 0.5 - 0.382 level. Channel down lasts for about 12 - 15 days. which puts us about halfway through the downward channel cycle. I've drawn out the predicted pattern down and then the jump.
Key Buy zone: 390 - 365
Sell Targets:
555 - 50%
595 - 30%
645 - 20%
Timeline: Feb 18 - Feb 22
Important Points: RSI and CCI have historically been really good indicators for this coin, while increased volume is not necessarily required. Look our for both of those to touch the 30 and 200 marks respectively.
Note: What happens with BTC will likely impact MTL so it may change everything.
Lastly, you are responsible for your own action/trades, I'm doing this for fun/not suggesting anything.
P.S: I welcome any feedback or questions, appreciate the thumbs up if you like/agree with what you see
Thanks,
A
A little more history there...