We last looked into Maker (MKRUSD) 4 months ago (see chart below) where we called for a buy that eventually hit our 1600 target:
This time we are making a sell call as the price hit the top of the 5-month Channel Up. Our target is just above the 0.618 Fibonacci retracement level at 1500, which has been the pull-back level of the last two medium-term...
Maker (MKRUSD) broke and closed the 1D candle above the 1D MA50 (blue trend-line) for the first time in ten days, after rebounding on the Higher Lows trend-line. Along with the 1D MACD Bullish Cross, this is an initial buy signal that will get confirmed after the price closes a 1D candle above the 1W MA100 (red trend-line), which caused a rejection on August 02....
Maker (MKRUSD) has had an incredible bullish run since June 12, being currently on the 6th straight green 1W (weekly) candle. This rally has taken a stop on the 1W MA200 (orange trend-line) two weeks ago but more importantly it faces an even stronger Resistance from the October 03 2022 High at 1165.
This is taken from the previous Cycle and the early 2019 fractal...
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For this particular analysis on Maker we are using the MKRUSDT symbol on the OKX exchange.
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The idea is on the 1D time-frame where MKR is shown trading on its long-term bearish pattern which is a Channel Down (1) since August 23 2021 High. There is also a diverging Channel Down (2) that started on November 26 2021. Maker's impressive rise...
This is a remarkable resemblance between Maker's (MKRUSD) price action since the May 2021 High with Bitcoin's (BTCUSD) Bear Cycle of 2018. I've mentioned numerous times that the crypto market's price action in the past +12 months can be viewed as a smooth (for crypto standards) Bear Cycle as a whole.
As for Maker's 2021/22 price action we see that it shares...
