MTLUSD trade ideas
MTL/USD BULLISH BREAKOUTI believe Metal MTL has reached i'ts bottom and is now ready for huge pullback 0.6 - 0.7.
Looking at the chart we can see on all timeframes huge increase in buy volume resulting in a significant rise of the price.
Also looking at the VWAP(Volume Weighted Average Price) Indicator we can see the price is constantly above the white line which tells us we are in an uptrend.
Lastly we have MACD crossed over the signal line which is bullish.
We are currently at the ATH in the last 2 days, with huge volume and buy orders pushing this price to the resistance level of 0.52
After the resistance is broken in the next few days MTL should attempt 0.8 resistance.
MTL incredibly bullishIf MTL can break through 0.6$ and find support, it is looking primed for a run towards next major resistance. TP/SL shown on chart.
Metal is trading at Key Support; 200% - 300% growth potentialBased on our previous MTL/BTC idea, which you can find down below, it has rejected the support and broke above key resistance. Currently key resistance as acting as the support, and if it holds Metal should continue moving higher.
Looking at the MTL/USD chart, price has been very inactive during past 3 months, after MTL/USD bottomed out, hitting $0.5 low. Throughout the past tree months, most trading volume has been recorded while MTL was trading near $0.7 level, where currently it is trading. This is the level of support, that might seem to be very attractive for buyers.
As long as this support holds MTL uptrend is expected to start, potentially reaching $1.7 - $1.9, and targeting 200 Moving Average, resistance area. At the same time, there are several minor Fibonacci resistance levels, that should be watched either for rejection or a breakout. And finally the $1 physiological resistance could play a very important role in the near-term future.
The RSI oscillator broke above the descending channel and corrected down, finding the support on the upper trend line of the channel. This seems to be an indication of an uptrend, although under one condition; current support at $0.7 remains respected.
To summarise, MTL is trading at the key level, which could be a decision making price. If current support will hold, uptrend should start. Break below the support could result in further consolidation between $0.5 and $0.7 levels.
Support:
$0.7
$0.5
Resistance:
$1.0
$1.9
MTL - Bottom Here LongCritical levels with huge volume support means investors and smart money here.
2D RSI ready to squeeze RSI EMA resistance.
Shows main levels for this trade.
MTL/USD QUADRUPLE BOTTOM WOAH Long AF on this thing.
Being that MetalPay will be a fiat gateway for crypto, there has been lots of speculation that whatever entity/MM controls the liquidity of Metal, certainly measures their spread in USD; thus it is more accurate and insightful to weigh Metal against USD than BTC.
Renko chart to eliminate volume noise to simplify chart
Clearly price is about to spring board out of this channel, only a matter of when. I expect big FA catalysts to occur at any moment this summer, which could easily push MTL to new all-time highs. Marshall Hayner is clutch, Richard Branson is clutch, something something Facebook....
