MetalPay starting to show signs of life while rejecting the uptrend trendline and breaking above strong resistance at $6.75. At the same time, MTL/USD broke above the downtrend trendline and 200 Moving Average.
Following corrective wave down was stopped at the previous resistance, which now is acting as a support. The 200 Moving Average is now also acting as a support and this could be the starting point for MetalPay to start rising. The upside potential is definitely there, although MTL/USD could be range trading for some time before going up.
The strong resistance is located at $18, where two Fibonacci are inline. First 127.2% applied to the previous all-time high, and the second is 161.8%, applied to the corrective wave after the $6.75 resistance breakout. If/when MTL manages to break above $18 resistance, the next target is seen at 227.2% Fibonacci which is a very strong psychological round number - $30. This could be the final upside target for the potential upcoming wave up. Only a break and close below the $3.33 support could invalidate bullish outlook.
Following corrective wave down was stopped at the previous resistance, which now is acting as a support. The 200 Moving Average is now also acting as a support and this could be the starting point for MetalPay to start rising. The upside potential is definitely there, although MTL/USD could be range trading for some time before going up.
The strong resistance is located at $18, where two Fibonacci are inline. First 127.2% applied to the previous all-time high, and the second is 161.8%, applied to the corrective wave after the $6.75 resistance breakout. If/when MTL manages to break above $18 resistance, the next target is seen at 227.2% Fibonacci which is a very strong psychological round number - $30. This could be the final upside target for the potential upcoming wave up. Only a break and close below the $3.33 support could invalidate bullish outlook.
Comment:
Support is holding so still expecting the utprend
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