METAL - Possible Reversal Area, Early Entry

24 Eki 2019

Taking a look at MTL's daily BTC chart, I like the set up we have in the making. MTL had a great break from its falling wedge, gaining ~250% from its lows. Since that high, the price has hit the .618 retracement level and is finding support on a previous key level of significance. The price appears to be rounding as our lower lows are getting closer in distance, which is suggestive of a possible reversal in the near future. The daily MACD also shows support. But in all fairness, I would like to see a more evidence of a bullish crossover suggesting that this support level will hold. I think with the daily MACD so close to the zero-line, we could see a significant bull run on this next wave. If you look at all previous times the MACD crossed the zero-line, there were strong bull runs. This would be an early entry with the potential for substantial gains. I've set some areas of resistance, which I think would make good target areas. They're color coded in terms of likelihood of being hit.

24 Eki 2019

Not

Great 10% jump today. I would like to see higher volume, but hopefully this is the start of the next run.