Watch MLN for a possible stong bounce
Updated
All in the chart - bounce might be incoming. Watch closely, massive rally after last pullback to support following BTC
Currently approaching trend marked on chart and local demand area (around 127)
Currently approaching trend marked on chart and local demand area (around 127)
Note
it's going to be nice if this one works out. OBV trend on the 4H will probably touch with this close or the next. Price is approaching demand area. Hopefully BTC gives the green light
Trade active
Trade active from 127, let's hope for an exciting 24hrs. Sell orders set at my three profit targets. Waiting for that MACD cross and volumes to jump, fingers crossed. Stop-loss set
Note
MLN back above trend and retesting, OBV channel trend close
MACD 4H histogram about to cross zero
Note
If BTC gives the green light MLN looks eager to move - maybe a small bit maybe a big bit. 4H RSI is testing trend, MACD crossNote
Dug up the longer chart history for MLN from Kraken and paints a less desirable picture. Possible we still push up to test ATH around 267.9 but many bearish signs being printed, including a larger rising wedge form and historic resistance patterns. Year long trend looks at risk of break down.
Some subtler bullish indicators showing, including the MACD histogram failing to print a lower low (so far) similar with MACD EMA, yet both MACD and RSI have broken down trend, these indicators making lower lows while price does not may signal a bullish reset for a final push to ATH, but may also be the first stages on a deeper correction with the real price low yet to come. Less enthusiastic about this trade now but will keep my position active from 127 and manage risk
Target price would be reset to previous ATH at 267, with resistance around 160
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