MCO has made us some gains gains in the past and is beginning to cool off at the daily resistance zone. I would exit any position here and wait for a pull back. The RSI is forming a top and looking to come down, which should push sellers. MCO is sitting inside the resistance zone, there is a possibility MCO can flip this to support if we bounce off T1 at...
As anticipated when the triangle was forming (see related ideas), an entry could have been taken right after breakout. If you missed the entry, the only other option is to wait for a full swing retest of the breakout level. This is unlikely to happen.
MCO has been forminga reversal formation after a downtrend in the form of an ascending triangle for about 2 months. A breakout above the 0.000374 level would confirm the formation. Significant resistance is not that far away. Once we break above the triangle, I will analyze market volatility and momentum to determine the risk-reward ratio being offered by the trade.
Keep an eye on MCO. Nice project bringing crypto into real life use. If it manage to stay above ~325 (or even better/bullish above 333), it has a chance of further reversal and starting an uptrend. At least in case of bearish BTC. If BTC will pump, MCO can dump to 318-320 support.
Breakout zone it is knocking on is around 340-345.
Next resistance levels at ~354...
Entry : 317 - 340
Sell : 375 - 415 - 495 ++
Stop loss : 300
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