12h time frame
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MKR is on the way to build 5 waves, already completed 3 waves from 500~1590. The most important thing here is where is the end of 4th wave(correction wave). According to structural support and 0.382 Fibonacci Retracement, 1350 is the potential end of 4th wave, also will be the start of 5th wave(final pumping wave), which target is 1800~2000....
4h time frame
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MKR creating a rising channel also can be regarded as bearish flag.
According to fibonacci retracement and structural support, the target could be set at 1160.
This trading plan has 2.5 risk to reward ratio.
TP: 1160
SL: 1332
The price has hit the confluence of monthly, weekly and daily resistances. It is experiencing the pull back from this resistance. I think this is pretty stromh resistance and has a higher porbability of holding the price for some time. Below this, there is a support level which is again a confluence of monthly, weekly and daily support levels which makes it a very...
