MXC/BTC: Is this the most bullish chart in crypto right now?

21 Jul 2020

I've been watching MXC for a long time. Recently played some of this rapid rise but ended up taking profit too early. Well look who has a second chance.
I don't normally use anything lower than a daily chart for coins on Huobi because they can be illiquid and spiky. But zooming in from the daily for some detail I was struck by how much this coin really seems to want to go up. Look how it hugs the 8 EMA, grinding up and knocking again and again on resistance.

And why does it take so much force? Because this is a weekly resistance back from 2018:

This resistance is easily the strongest in its chart, certainly now we've flipped the previous strong resistance zone at 7500.
Above here, we have a couple of resistance zones but not strong ones. And look at the VPVR - all the volume is below. Clear skies above.

In terms of fundamentals, the project announced a partnership with the Sichuan government to help build their IoT infrastructure last week. I don't know how important this really is, but the market reacted pretty hard.

In summary, lots of potential upside left even after the recent huge move.

Trade safe!
[ Not financial advice ]

23 Jul 2020

Dagangan aktif

I entered this trade at 130. Will try to remember to update when I close it.
You can see the price and EMAs compressing against resistance now. Of course it could drop down for a rest and rest, in which case I'm out and will rebuy lower, maybe in the 100-106 range.

23 Jul 2020

Dagangan ditutup: hentian tercapai

Stopped. It must need to rest. Or maybe because Bitcoin is heading into the 10k resistance zone. Will reload when it recovers.