MKR Forming a Double Bottom
On this chart on an hourly timeframe, MKR is forming a double bottom pattern, meaning it could potentially present a bullish trend. The plotted neckline or the resistance level is on the .382 fib level (from swing high to low) and added highlighted the candle wicks for backtesting the firmness.
Now, we're in the wait-and-see mode until we see two possibilities either 1) trend breakout and old resistance as a new support level or 2) rejection from the resistance level. If 2) happens the price would either consolidate or potentially a breakdown from the support line.
For now, since the price is consolidating as of the time of this writing, it is better to trade other alt coins until we see a price breakout/breakdown. I have a bullish bias with the coin, along with its trend in an hourly timeframe perspective.
Always plan your trades by putting a take profit and stop loss areas.
Now, we're in the wait-and-see mode until we see two possibilities either 1) trend breakout and old resistance as a new support level or 2) rejection from the resistance level. If 2) happens the price would either consolidate or potentially a breakdown from the support line.
For now, since the price is consolidating as of the time of this writing, it is better to trade other alt coins until we see a price breakout/breakdown. I have a bullish bias with the coin, along with its trend in an hourly timeframe perspective.
Always plan your trades by putting a take profit and stop loss areas.
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