MCO - Buy Point - ShortMCO has increased substantially in the wake of the BTC uproar and immediately subsequent downtrend. As we approach a new BTC "norm", we should be prepared to take advantage of BTC HODLers dumping Altcoins at sub-optimal prices to re-enter BTC holds.
MCO has tested an apparently solid support line just above 0.001 BTC/MCO. If it holds to its current uptrending channel, MCO should see a low of ~0.00095 - 0.00105 BTC/MCO. This can change quite quickly if BTC continues to run toward $17,000 - 17,500; this would drive most Alts down after a short-term pump, as it has done in the past. Realistically, 0.0011 should be a comfortable short term sell if you are in at a low point in the channel. If you are open to higher levels of risk, you can target somewhere around 0.0012+, but be mindful of the upper channel limit and to what that value is equal when the upper channel limit is tested.
One additional factor to keep in mind is that we are testing the MCOUSD 14-day MA price point. If BTC moves to ~$16,000 - 16,500 today and we remain within 5% of the 14-day MA price point, only a major BTC uptrend will dethrone MCO's next run up.
I will be targeting a buy-in of 0.001 with 40% of my investment and a subsequent target of 0.00095 with the remaining 60% of my initial investment target.
If BTC forces a short term decline/adjustment in MCO, then I will be targeting a value of 0.0008235 ($14/MCO & $17,000/BTC) with an investment equal to the total initial investment.
If BTC moves past $17,500, I will sell at a loss and re-buy when BTC is ~$18,500+.
As always, best of luck on your trades, research until your eyes are practically dried up prunes, and never "bet" more than you can lose!
Cheers,
-Jordan
