MTLBTC convincingly rebounded off of a long-term support and is looking to test resistance at the top of the triangle I have charted.
Thus far, it doesn't seem to dissuaded by the BTCUSD bear, but this may change. As you probably know, strong BTC movements in either direction drive the alt-coin market more powerfully than any technical analysis could hope to predict.
Nevertheless, MTLBTC looks keen to test and re-test this resistance. It's possible that it breaks out above the triangle and retraces slightly, though my guess is it's due for another small retrace before it tests resistance and breaks out. Moreover, MACD looks bullish and while Stochastic RSI on this time frame is high and starting to potentially move sideways, it has some room to move up given historic Stochastic RSI peaks on this coin.
I am looking for MTLBTC to keep testing the top resistance, and break it once alt-coin markets begin to recover, if not before.
Thus far, it doesn't seem to dissuaded by the BTCUSD bear, but this may change. As you probably know, strong BTC movements in either direction drive the alt-coin market more powerfully than any technical analysis could hope to predict.
Nevertheless, MTLBTC looks keen to test and re-test this resistance. It's possible that it breaks out above the triangle and retraces slightly, though my guess is it's due for another small retrace before it tests resistance and breaks out. Moreover, MACD looks bullish and while Stochastic RSI on this time frame is high and starting to potentially move sideways, it has some room to move up given historic Stochastic RSI peaks on this coin.
I am looking for MTLBTC to keep testing the top resistance, and break it once alt-coin markets begin to recover, if not before.