MINUSD CLear technical findings show an extreme bullish case
Hi guys. I am always on the lookout for assets with clear signs of macrotrends. One that caught my attention was a crypto altcoin called MINAUSD.
This analysis is on 1 week timeframe. Signs found on macro timeframes can have powerful moves to upside or downside.
Notice firstly the horizontal black trendline around 1.40-1.50$.
This was an area for last couple weels we've been battling with as resistance.
It also coincides with a potential Ascending triangle pattern.
This battle is highlighted by the orange rectangle. This can be identified as a consolidation zone.
We are currently breaking out of both the consolidation zone, as well as the ascending triangle pattern.
Important to wait for confirmation which would be a candle close showing support on 1.40$ lvl.
We do have a lower wick on our current candle (showcasing demand and support) BUT remember this weeks candle just begun. We must wait till sunday for the weekly candle close. If we continue this current trajectory, we will see confirmation. However, there is always potential for a fakeout so this week is crucial.
Notice how right above us. There is really no price action acting as support. Just 6 total candles.
My opinion is that we will quickly move up to the 3.50$ area. Once bitcoin stalls and altcoins get liquidity injected into them. AND Support is confirmed.
Keep an eye on updates with other signs and indicator signals in near future to support my claims.
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Thank you for taking the time to read my analysis. Hope it helped keep you informed. Please do support my ideas by boosting, following me and commenting. Thanks again.
Stay tuned for more updates on MINAUSD in the near future.
If you have any questions, do reach out. Thank you again.
DISCLAIMER: This is not financial advice, i am not a financial advisor. The thoughts expressed in the posts are my opinion and for educational purposes. Do not use my ideas for the basis of your trading strategy, make sure to work out your own strategy and when trading always spend majority of your time on risk management strategy.
This analysis is on 1 week timeframe. Signs found on macro timeframes can have powerful moves to upside or downside.
Notice firstly the horizontal black trendline around 1.40-1.50$.
This was an area for last couple weels we've been battling with as resistance.
It also coincides with a potential Ascending triangle pattern.
This battle is highlighted by the orange rectangle. This can be identified as a consolidation zone.
We are currently breaking out of both the consolidation zone, as well as the ascending triangle pattern.
Important to wait for confirmation which would be a candle close showing support on 1.40$ lvl.
We do have a lower wick on our current candle (showcasing demand and support) BUT remember this weeks candle just begun. We must wait till sunday for the weekly candle close. If we continue this current trajectory, we will see confirmation. However, there is always potential for a fakeout so this week is crucial.
Notice how right above us. There is really no price action acting as support. Just 6 total candles.
My opinion is that we will quickly move up to the 3.50$ area. Once bitcoin stalls and altcoins get liquidity injected into them. AND Support is confirmed.
Keep an eye on updates with other signs and indicator signals in near future to support my claims.
__________________________________________________________________________________
Thank you for taking the time to read my analysis. Hope it helped keep you informed. Please do support my ideas by boosting, following me and commenting. Thanks again.
Stay tuned for more updates on MINAUSD in the near future.
If you have any questions, do reach out. Thank you again.
DISCLAIMER: This is not financial advice, i am not a financial advisor. The thoughts expressed in the posts are my opinion and for educational purposes. Do not use my ideas for the basis of your trading strategy, make sure to work out your own strategy and when trading always spend majority of your time on risk management strategy.
Comment:
SORRY GUYS******* Major typo, Not take a long, it SHOULD READ "take a look"*******
Comment:
UPDATE ON MINAUSD
We have made it back into the consolidation zone. Therefore as of now, breakout was a FAKEOUT.
Note also we can be having a crypto market pullback, pay attention to BTC and what it does.
Now that we are back in the consolidation range. Back inside the chart pattern. Probabbilities are 50/50. Meaning we can break 50% to upside or 50% to downside. These are gambling odds. We should not settle to that. Wait for confirmation of a break down or a re-test for break up.
We have made it back into the consolidation zone. Therefore as of now, breakout was a FAKEOUT.
Note also we can be having a crypto market pullback, pay attention to BTC and what it does.
Now that we are back in the consolidation range. Back inside the chart pattern. Probabbilities are 50/50. Meaning we can break 50% to upside or 50% to downside. These are gambling odds. We should not settle to that. Wait for confirmation of a break down or a re-test for break up.
Comment:
Notice the support trendline drawn. Watch how price action reacts here. A break down with confirmation will mean we have further downside.
RSI printed a Lower low. If this confirms at the close of the weekly candle tomorrow (SUnday).
This will indicate to me further downside is probable. For now MINAUSD is not a buy for me. I will look for a better trade setup.
Notice the support trendline drawn. Watch how price action reacts here. A break down with confirmation will mean we have further downside.
RSI printed a Lower low. If this confirms at the close of the weekly candle tomorrow (SUnday).
This will indicate to me further downside is probable. For now MINAUSD is not a buy for me. I will look for a better trade setup.
Comment:
So our previous 3 day candle has closed below the Black support trendline.
RSI has printed significant LOWER Low. Indicating signs for downtrend.
Our current candle is now forming Below it. If it closes below, It will CONFIRM a break below the trendline.
Indicating that this altcoin is experiencing a pullback.
Other altcoins including even Bitcoin are down significantly as well.. Establishing the fact that we may have temporarily topped for now.
WIll be waiting for signs of oversold conditions. In the coming weeks to months.
So our previous 3 day candle has closed below the Black support trendline.
RSI has printed significant LOWER Low. Indicating signs for downtrend.
Our current candle is now forming Below it. If it closes below, It will CONFIRM a break below the trendline.
Indicating that this altcoin is experiencing a pullback.
Other altcoins including even Bitcoin are down significantly as well.. Establishing the fact that we may have temporarily topped for now.
WIll be waiting for signs of oversold conditions. In the coming weeks to months.
Quick update on MINAUSD. Take a long and pay attention to the Resistance trendline drawn.
Notice how in previous history we have played with this trendline and in most cases have come down in price.
We are currently in the process of testing it again as RESISTANCE.
Notice also i have up the STOCH RSI indicator.
In previous history, everytime we tested the resistance, there was a BEARISH crossover on STOCH RSI. Supporting the downfall of price.
STOCH RSI is a good momentum indicator, showing where the trend will likely go.
Notice that currently we have a BULLISH CROSS. It is on the 1 week timeframe.
So it has not yet printed. We must look to the weekly candle close to see if we maintain this BULLISH cross.
If we do, its possible that we may get momentum to break the Resistance.
It is now important to pay attention and wait for confirmations.