Hello traders!
Today another setup with short to mid term targets, this time for $MTH based on the Binance chart!
Pretty attractive considering it's only 400BTC marketcap and near it's all time low level.
$MTH links:
https://coinmarketcap.com/currencies/monetha/
https://www.monetha.io/
https://bitcointalk.org/index.php?topic=1978067.0
https://etherscan.io/token/0xaf4dce16da2877f8c9e00544c93b62ac40631f16
Let's go to the chart:
https://www.tradingview.com/x/ZwgoQYwZ/
Looking at the $MTH daily chart here, as usual, marked some support/resistance lines and pulled a fib for some further confirmations.
Starting from the bottom up and explaining the lines
First we have the red 62 satoshi line, this line is put on the small high sitting just a tiny bit above the all time low mark.
This line represents the final support in this setup, thus giving a nice chance for a refill if the price tanks indeed.
Next we have the 0.236 fibline at 75 satoshi, which has been used as a support multiple times already in the past 3 months, another great place to add to the position in case of a pullback.
The third line marked on the chart is basically where the price is trading around right now, its pulled from way back at end of 2017 and is going right through the 0.5 fibline.
This one already played a role as a major support which was followed by a ~200% run up in price.
For this setup it serves as the trigger, meaning that a firm breakout above this line to "confirm" this setup.
At ~220 satoshi we have our first target, a previous support turned resistance and the 1.618 fibline for a potential profit of ~110%!
Nedless to say a close overlap of the fib and resistance line is what makes this level so attractive.
The area around ~310 satoshi presents itself as the next potential target with a resitance line at 292 satoshi at its lower end and the 2.618 fib sitting at 328 satoshi.
The final target of the setup is at ~430 stoshi presenting a potential profit of ~320%!
Once again we have an almost perfect overlap of a historical resistance and the 3.618 fibline making this one the perfect place for the exit.
Hope you like todays setup!
Wishing everyone profitable trading and good luck in the markets!
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This post is NOT financial advice or any kind of recommendation, nor is CryptoChartArt/ozchartart licensed to give one!
It is a personal opinion and view on the chart!
Intended for entertainment purposes only!
Regards, OZ