MKRUSD Heading Towards $3000+
Taking a look at MKR on the daily time frame we can see that it is currently testing even with the February 2021 swing high level placed at the $2696 - $2837 zone.
During the last week of June and going into the start of this month, all the top cryptos sold off a bit to stop out the over-leveraged longs before moving back up. The bull run isn't over, it's just a matter of 'How and when' its going to come back. At the moment, the highest level of support is $2837 and the resistance level at $3100 has already been tested once.
This being said, the next true level of resistance is placed at the $3751 level and that is where I have my sell order placed for a 30% gain. I do not know how long this move is going to play out, I am simply just reading the trend and sentiment of the market.
Attached is MKR on the 4H Time Frame https://www.tradingview.com/x/96M2TXV8/
We can see that MKR dropped below the longer term trend created from that same February 2021 swing high level and then eventually regained it as support after stopping out over-leveraged longs.
This currently looks like very great bullish momentum that is going to continue now. I was a little bit skeptical about the current trend of the market up until the day before yesterday when i've been able to properly analyze the more candle data that was given to me. The 1st target if you want to lock in profits and feel safe about this play would be at the $3100 level, which has already been 1st touched. Expect a quick touch and pullback from this level before pumping up the rocket fuel to $3751. From that point, this is a significant level that many traders will take profits from, so expect a decently sized correction from that.
As always please do your own research, I am not a financial advisor.
During the last week of June and going into the start of this month, all the top cryptos sold off a bit to stop out the over-leveraged longs before moving back up. The bull run isn't over, it's just a matter of 'How and when' its going to come back. At the moment, the highest level of support is $2837 and the resistance level at $3100 has already been tested once.
This being said, the next true level of resistance is placed at the $3751 level and that is where I have my sell order placed for a 30% gain. I do not know how long this move is going to play out, I am simply just reading the trend and sentiment of the market.
Attached is MKR on the 4H Time Frame https://www.tradingview.com/x/96M2TXV8/
We can see that MKR dropped below the longer term trend created from that same February 2021 swing high level and then eventually regained it as support after stopping out over-leveraged longs.
This currently looks like very great bullish momentum that is going to continue now. I was a little bit skeptical about the current trend of the market up until the day before yesterday when i've been able to properly analyze the more candle data that was given to me. The 1st target if you want to lock in profits and feel safe about this play would be at the $3100 level, which has already been 1st touched. Expect a quick touch and pullback from this level before pumping up the rocket fuel to $3751. From that point, this is a significant level that many traders will take profits from, so expect a decently sized correction from that.
As always please do your own research, I am not a financial advisor.
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