Updated
MTLBTC - Resting on Unbroken Trend Support & Fib Retracement
MTLBTC is resting on an unbroken trendline support and around the 0.786 Fibonacci retracement level.
As a rule of thumb, when BTCUSD rallies (as it is at the time of writing this), altcoins suffer.
That being said, MTLBTC has a chance to show the strength of this trendline support once again.
Indicators on lower time frames are signalling the need for a further retracement, but the 1D chart is shaping up nicely.
The overbought daily Stochastic RSI in conjunction with the bearish indicators on lower time frames may create a bear trap when the bottom support is reached.
Interesting chart with lots of possibilities - worth watching!
As a rule of thumb, when BTCUSD rallies (as it is at the time of writing this), altcoins suffer.
That being said, MTLBTC has a chance to show the strength of this trendline support once again.
Indicators on lower time frames are signalling the need for a further retracement, but the 1D chart is shaping up nicely.
The overbought daily Stochastic RSI in conjunction with the bearish indicators on lower time frames may create a bear trap when the bottom support is reached.
Interesting chart with lots of possibilities - worth watching!
Trade closed: target reached
Target was reached.
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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.
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.