metal has some decent news and a good team and tech but we got to build a pattern the professional traders understand .....pattern and market structure says we have to stalk
seeing the reversal patterns everywhere in the alts and bitcoin could be in the early stages of setting up a topping pattern. it almost alt time again crypsters.
Taking an objective look at how I think the next few days will unfold for $MTL
Metal just released their alpha wallet. It's amazing, check it out if you haven't already. Either way, it's coming to some odd endings right now. Hopefully it breaks upward.
Based on the Ichimoku, very strong resistance is in 170k sats range, if its broken, MTL will be on a strong uptrend.
Analisys based in Extension fib from suposed 1º wave on MTL BTC
Head and shoulders pattern caused a heavy correction, but target price have been reached. Combine that with the bounce over the 120k sats support and the .786 fib retracement, and we already have solid basics for stating the correction's end. Downtrend can't be defined over yet though, as both price and momentum are still pointing downwards. Remember also the BTC...
Strong support at 174, posible way up to ~233 or, if support will broke up, to ~140
MTL has been following a falling wedge for a while. It should break the wedge soon and start a bull run, probably when BTC does. The 1 day Stoch RSI is nearing oversold territory. The 4 hr is overbought. MTL may bounce off its long term support around 1828 satoshi, but if it follows the wedge and lets the RSI come all the way down first it could easily reach 1748...
I have found a rule of MTL's moving in the past, if this still works in the future, then its next path could be this. Maybe it will not be as sharp as the line, but the shape is like that.
It's not clear actually. It's on support for now but a bearish turn or bearish trap may come. Volume is the key value and Stop-loss is very important for this days. If bounce will happen the arrows be our way.