CryptoKraze here
In this post I am going to cover technical analysis of $MER for Mid-Short trade. I am using tradingview charts and price linked to Bittrex exchange. Let's have a look on technical aspects of MER.
Possibility on 1 hour Chart
If you look at 30 minutes chart, you will see $MER has made a big impulsive move and now it has formed a bullish flag. This is very common pattern in crypto currencies, whenever a coin breaks with big impulsive move, it pulls back and waits for some time before making next impulsive move. If we look at RSI, it has gone above 70 level in first impulsive move and has to dip to 50 level now, so we have a pull back done and next impulsive move is ready. If we look at bollinger bands, the price has touched upper bands and now it will reach median line and then break above.
- I have a buy entry at 0.00006000 with my profit target will be around 0.00008000 or above.
- Stop loss just below the entry area is must for trading if you don't know the Averaging Technique in Crypto Trading.
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Disclaimer
Crypto Trading is risky business and you can loss partial or full amount of money. Trade at your own risk with that money only you can afford to lose. Bitcoin unexpected move will make this analysis void.
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