I entered this trade at 127 and have been waiting for it to mature. My profit target is currently 267, previous ATH lifted from Kraken.
Updating my previous analysis, primarily for my own reference: MLN has shown recent pattern of range double bottoms and pumps. Double bottom in this range recently registered at 127 and now slowly finding its way back up toward neckline confirmation at 144 zone. Enter trade on neckline break, or re-low to 127
Positives: MACD histogram on Daily is showing nice bullish divergence EMA on Daily is looking to reverse from bearish cross EMA on 4H crossing bullish RSI daily trend is currently holding and showing bullish momentum above 50
negatives: Caution that the lower dynamic support is compromised but range is still holding and price is finding some momentum on lower time frames in a bullish expanding wedge (Watch for possible price breakdown to 98,90 range) MLN requires a lot of patience... but then BAM
Dump if there is a daily close below 125-127 demand zone.
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We got a nice pump to the top of the expanding wedge, failed to break wedge or neckline. price is currently retesting the lower trend after the typical MLN pull back. If lower wedge trend fails look for buy setups at 125-127. If this level is tested and found sound again price may pump from there. If lower wedge trend holds, I will wait to build position on the neckline breakout
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MLN volume is spiking, watch this space
lost the 125 level and sold down to the support we had marked out. it is now attempting recovery from this resistance. It has lost the 6 month global trend and support so this is a low probability trade and possible short entry. But if we see it recover global trend and break double bottom neckline with a big push up worth entry
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MLN attempting a serge up
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For those MLN traders, watch the possible double bottom which I suspect buyers will try punch upwards from this lower support if BTC leads the way. I suspect a deeper correction is possible for MLN but there might be an attempted recovery here
@coctelero, small cap and excited market so anything is possible. Typically I would see that last failed surge as an additional short entry, but it's not out of the question with the current market. Very susceptible to market down turn now though if BTC pulls back. I was stopped out at 125 and will only be re-entering if we regain the 125 level, or I see a good scalp opportunity. I have an alert set on MLN for 2k+ volume on the 1H and 8k+ on the 4H so I don't miss them. (Alternatively looking to go long from lower solid support, perhaps 90-100 range)
coctelero
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Thanks for your analysis! Do you have some update?
jamoooo
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@coctelero, still in a neutral space. Looking for buy opportunities at 127 re-low or alternatively on Double-bottom neckline breakout on 1H. Things will likely accelerate if we get above 138 mid-resistance. Currently squeezing towards that price level, with an overall rising wedge formation. Super Small cap coin so sellers may be able to push lower again before possible breakout, this has happened historically (Alternatively, sellers win for a breakdown towards 90-98 range) Overall market structure makes me bullish bias!