MBOX Analysis
MBOX is currently sitting at a support of around 7 (resistance and local resistance is marked in the green boxes), which is respected on the 4H, 1D, and 1W timeframe. Yesterday it was rejected from the orange parabolic curve and also the current trend line due to BTC influence, but yesterday’s bounce to 10 shows that there is a great deal of bullish potential as long as BTC is in consolidation/ going up.
If we zoom out a bit more we can see that MBOX is also about to test trend line from the previous structure, as well the the current downward line (all trend lines are marked in blue) at around 7. A breakout at 7, and a successful retest of this key support level would suggest a new price structure extending above the previous ATH. To make a dubious speculation: around the price of 22.
A bearish case would be if BTC gets rejected off 51K, then MBOX will probably move down to the major support of 5.7, which is a no-brainer buy zone.
But all of the TA is subject to change in market sentiment and BTC movements, so I would advise you to either wait for BTC to make up its mind, or wait for a retest of 7. Not financial advice, please trade carefully.
If we zoom out a bit more we can see that MBOX is also about to test trend line from the previous structure, as well the the current downward line (all trend lines are marked in blue) at around 7. A breakout at 7, and a successful retest of this key support level would suggest a new price structure extending above the previous ATH. To make a dubious speculation: around the price of 22.
A bearish case would be if BTC gets rejected off 51K, then MBOX will probably move down to the major support of 5.7, which is a no-brainer buy zone.
But all of the TA is subject to change in market sentiment and BTC movements, so I would advise you to either wait for BTC to make up its mind, or wait for a retest of 7. Not financial advice, please trade carefully.
Penafian
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