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 ]
Trade active
⋅
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.
Trade closed: stop reached
⋅
Stopped. It must need to rest. Or maybe because Bitcoin is heading into the 10k resistance zone. Will reload when it recovers.
Awesome chart, sir!
I've also been looking at MXC for a while..and made almost 500% profit so far from like 3 months ago.
Been waiting to accumulate more at a dip after the recent leg up but strangely it didn't even dip so much.
Could you plz chart out MXC/BTC now and provide some updated insights on what you'd expect next? (:
SimpleCryptoLife
⋅
@MoonMoonM00N, Thanks for your kind words. Congratulations on your gains. I must say I expected a longer consolidation from MXC just like you, so I missed my re-entry.
SimpleCryptoLife
⋅
@MoonMoonM00N, 3D chart is probably the clearest. Very bullish, despite the relatively low volume. I'd expect it to touch the 3D 8 EMA, ideally with a retest of the last green support zone, before going for the next resistance.
I've also been looking at MXC for a while..and made almost 500% profit so far from like 3 months ago.
Been waiting to accumulate more at a dip after the recent leg up but strangely it didn't even dip so much.
Could you plz chart out MXC/BTC now and provide some updated insights on what you'd expect next? (: