MKR is gearing up for a breakout. While many alts have seen large gains and breakouts from this same pattern, MKR has not.
However the volume has been bullish on this potential reversal pattern, suggesting people are hoping for a breakout here.
The bullish candles have all had significantly higher volume than the bearish ones.
It is not overextended on any indicators, which is a good sign that it can have some momentum if it breaks out.
People have been finding entries on the 0.236 and 0.382 fib levels, so it makes sense to have a stop below the 0.236 at this time.
If there is a breakout and then the price goes back below the 0.236, it would mean the breakout is invalidated.
Stop Limit: 0.023050
Limit: 0.023100
Stop Loss: 0.021600
Profit 1: 0.025300
If it does break out, the stop can be moved up to secure profits.
However the volume has been bullish on this potential reversal pattern, suggesting people are hoping for a breakout here.
The bullish candles have all had significantly higher volume than the bearish ones.
It is not overextended on any indicators, which is a good sign that it can have some momentum if it breaks out.
People have been finding entries on the 0.236 and 0.382 fib levels, so it makes sense to have a stop below the 0.236 at this time.
If there is a breakout and then the price goes back below the 0.236, it would mean the breakout is invalidated.
Stop Limit: 0.023050
Limit: 0.023100
Stop Loss: 0.021600
Profit 1: 0.025300
If it does break out, the stop can be moved up to secure profits.