Cryptocurrencies

CMT technical analysis

CMT seen from the temporality of 1W we can see how the structure of candles has formed a descending wedge where the price has been contracting within the figure through a slow sale as the price has approached the support of the zone of demand located at 0.00000180, the trend count is correct and the current consolidation of small candles with little volume in the support gives us signal of a possible bullish movement that seeks to break the diagonal resistance of the figure, if so, the price should go in search of the supply zone located within the price range of 0.00000519 – 0.00000589, which would be our first profit zone, our second target is located at 0.00000848.

CMT seen from the temporality of 1D we can observe more closely the current movement of candles, we see how the current structure of candles has formed a double floor, reversal signal trend, the price goes in search of the neck line located at 0.00000244, if we don’t get the break yet, the price could go back briefly to form an HL that confirms us that the next movement will make the break of the neck line and then, look for the bullish break of the major figure, within the RSI indicator we can see how the force of the movement is increasing, has managed to break a resistance signaled inside the indicator by a red diagonal.

In conclusion, CMT has reached very low levels of price, the slow sale that has been made within the descending wedge gives us a strong signal of an upcoming trend change, the support where it has consolidated for 4 candles in 1W is a key level of demand, this supported by the lower figure in 1D and the RSI indicator increases the odds of a possible bullish break, we must wait for the price to break and confirm the support of the neck line located at 0.00000244, the diagonal resistance break should be our best long entry position, however, I recommend to be very attentive to the action of the price in 1D to avoid possible invalidations during the movement.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

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