MCO has been forminga reversal formation after a downtrend in the form of an ascending triangle for about 2 months. A breakout above the 0.000374 level would confirm the formation. Significant resistance is not that far away. Once we break above the triangle, I will analyze market volatility and momentum to determine the risk-reward ratio being offered by the trade.
It can also be a bullish as a reversal pattern. The same way a descending triangle can be bearish as a reversal pattern.
Look at this BTC chart for reference:
kulie
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@coinselor, well , considering this is the reversal pattern forming , important thing for most alts is if this reversal is from a 2 year long bear market and start of a new bull run or just a short bounce to make new lows again. I personally think alts are too far from bottom on BTC pairs , maybe the USD value of alts is close to bottom/reversal.
coinselor
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@kulie, I don't try to guess the tops or bottoms. I mostly analyze the probabilities of the technicals I see.
Alts/btc look really good for at least a bounce. BTC looks like one more leg down.
I share your view of alts being close to their USD pair bottom.