MKRUSD under heavy Resistance. Bearish below it, bullish above.
Maker (MKRUSD) has had an incredible bullish run since June 12, being currently on the 6th straight green 1W (weekly) candle. This rally has taken a stop on the 1W MA200 (orange trend-line) two weeks ago but more importantly it faces an even stronger Resistance from the October 03 2022 High at 1165.
This is taken from the previous Cycle and the early 2019 fractal where after MKR again broke above the Bear Cycle's Lower Highs trend-line and the 1W MA50 (blue trend-line), it failed to close above the October 08 2018 Resistance and turned into a wide and long-term Accumulation Phase for 1 year.
As a result, we currently believe that until the price closes a 1W candle above the Resistance, it will most likely pull-back to the 1W MA50.
If however it closes above the Resistance, this fractal will get invalidated and we will buy the bullish break-out towards Resistance 2 at 2300.
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This is taken from the previous Cycle and the early 2019 fractal where after MKR again broke above the Bear Cycle's Lower Highs trend-line and the 1W MA50 (blue trend-line), it failed to close above the October 08 2018 Resistance and turned into a wide and long-term Accumulation Phase for 1 year.
As a result, we currently believe that until the price closes a 1W candle above the Resistance, it will most likely pull-back to the 1W MA50.
If however it closes above the Resistance, this fractal will get invalidated and we will buy the bullish break-out towards Resistance 2 at 2300.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! **
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