Not financial advise. Do your own research. The ideas shared here are the personal opinions of the BitDoctor team. Trade at your risk.
MFT sure had a heck of a day yesterday so what does that mean now? I've got a few pieces of data to look at which are going to be important to determining the future of MFT in the next 6 weeks:
1. We finished consolidating a falling wedge. We broke out of it and found support outside of it. That was bullish case number 1.
2. We moved sideways and consolidated for several days, printing bullish divergence 4 times throughout this phase (noted with the purple P).
3. We had an increase in volume on January 8 followed by even more volume on January 9. Increasing volume are key components to sustaining bullish price action.
4. A few days later, even more volume. A week later, more volume. Yesterday? More volume!
5. Side note, beware of the rising wedge and trade the breakout. Trading inside the wedge is fairly risky as it could break down and not up.
We are going to retrace a bit. We're trading at the top of the bollinger band on the daily timeframe so likely a pullback is going to happen today. I'm betting we'll print a red candle today, some kind of a small bodied doji tomorrow and maybe the following day but look for the return of volume.
If you're holding any MFT, kudos to you. Here's where I believe we're going to find the most resistance:
1. 106
2. 115
3. 127
4. 140
I expect the most resistance to be found at 127. If you look at Oct 2, 4, and 21st you will see major resistance there. Massive volume broke through it on Oct 23, followed by newfound support at 127 on Oct 27.
MFT sure had a heck of a day yesterday so what does that mean now? I've got a few pieces of data to look at which are going to be important to determining the future of MFT in the next 6 weeks:
1. We finished consolidating a falling wedge. We broke out of it and found support outside of it. That was bullish case number 1.
2. We moved sideways and consolidated for several days, printing bullish divergence 4 times throughout this phase (noted with the purple P).
3. We had an increase in volume on January 8 followed by even more volume on January 9. Increasing volume are key components to sustaining bullish price action.
4. A few days later, even more volume. A week later, more volume. Yesterday? More volume!
5. Side note, beware of the rising wedge and trade the breakout. Trading inside the wedge is fairly risky as it could break down and not up.
We are going to retrace a bit. We're trading at the top of the bollinger band on the daily timeframe so likely a pullback is going to happen today. I'm betting we'll print a red candle today, some kind of a small bodied doji tomorrow and maybe the following day but look for the return of volume.
If you're holding any MFT, kudos to you. Here's where I believe we're going to find the most resistance:
1. 106
2. 115
3. 127
4. 140
I expect the most resistance to be found at 127. If you look at Oct 2, 4, and 21st you will see major resistance there. Massive volume broke through it on Oct 23, followed by newfound support at 127 on Oct 27.