Long

MTH:BTC Buy opportunity

Updated

MTH broke out of the falling wedge.
It retraced all the way back to 78,6 fib

I got in when the 4H RSI was oversold.
If you want to jump in there are 2 options:
- 4H RSI is overbought now so it could retrace back to 0,0000117 - 0,0000112
Stop loss at 0,00001024; because if it goes lower than this it means the ABC correction is not finished yet
- stop-limit buy at 0,000014; each time MTH had an impulse it did not go higher than the previous impulse. When price exceeds 0,000014 it could indicate the correction is over and also it moves higher than previous impulses and thus price is moving upwards

All MACD indicators are bullish, as well as the 1D MACD.

Targets:
0,000018
0,000023
0,000027
Timeframe approximately 1 month

Note

A extended wick triggered the stop-limit of .000014.
These things can happen but are far from ideal..

If price gets near .000014 in the coming hours I would sell and pick one of the two options again (but now with a stop-limit buy order of .00001420)
If price will drop / retrace of the current impulse; hodl; and wait for the price moving upwards

Note

BTC just dropped below 8K again, this will affect all alts

Note

Between .0000120 - .0000125 buy wall on binance looks solid.
5M & 15M chart oversold, 30M nearing oversold.
Found support on the 50-day EMA on 1H chart

Note

With the recent drop of BTC (already recovered, so far..), many alts made a new lower low in 2018. However, MTH did not! Price did not drop lower than .00001024. It had a nice green hammer candlestick as you can see on the 12H chart. On the 12H chart it can be seen that the 50-day EMA serves as a strong resistance. So far only the wicks have crossed the 50-day EMA. If in the coming days a candle will close above the 50-day EMA on the 12H chart I will become very bullish!

Note

Bullish signal on the 4H chart: Golden cross with 50-day & 100-day Moving Average.

Last time this happened was on December 19th!

Note

It has been a while since my last update!

When I called the 4H golden cross price rose a stunning 30+%, I hope you enjoyed some profit.

Let's start with the negative:
- Price is trading under the 4H 50-day MA for a week now
- On the 12H chart the DMI+ and DMI- are closing in on each other, indicating that sellers are getting stronger and buyers are getting weaker

So far price stays within a certain price range, while dropping a bit. One could say this is accumulation phase. However, normally during the accumulation phase the volume picks up.

Now the positive:
- MACD is showing bullish divergence on the 1H, 2H & 4H chart
- On the 12H chart the 50-day & 100-day MA are closing, a golden cross on the 12H chart will have a stronger magnitude than on the 4H chart, indicating if this happens, the price could skyrocket!
- The 78,6% fib retracement level is around 0.00001062, so far it only dropped below this lvl for a short period and it currently trading above

I'll give another update upcoming weekend (with price estimations and/or buy/sell advice)

Note

Might there be a cup formation in progress? Time will tell..
Lowest low in 2018 was on 7 March (.00001024). It hasn't fell below in six weeks time.
From 7 March and onwards we see a positive development of the MACD & RSI on the 12H & 1D chart

Note

Buy MTH now at 0.00001220 and put stop loss at 0.00001180.
It might find support on the 4H RSI trend line.
It has retraced back just below the 61.8% fib lvl and found support at the 100-day MA on the 4H chart
Stoch RSI might curl in

The stop loss is only a few percent under market price now and profits could range to 20-30% or higher if there is a mini cup & handle formation going on

Note

IF there is a mini cup & handle formation in progress target could hit 0.000019
Rise from bottom to top of cup was 50% and *1,6 will be 80% = 0.000019

LucasTeunissen

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.