Cryptocurrencies

MITH technical analysis

MITH seen from the temporality of 1D we can see how the current candle has found support in the 494 making a double floor, however, we can also see that the price when reaching the resistance of the 546 was rejected causing the current sales force, if the candle closes below the aforementioned support, it is very possible that we find a good entry in the support below the 401, with this would be forming a very bullish setup when claiming the support of the 494.

MITH seen from the temporality of 1W we can see how the previous bearish candle has penetrated the last bullish candle, this is almost always a sign of a bearish movement of at least two candles, based on that premise is very sure that the price reaches the lower support to later claim the broken support.

MITH seen from the temporality 4H we can observe a different perspective to that mentioned in the major temporalities, here we can see that it is possible that the price breaks the support of 494 to fall into the price range of 465 – 449 where the demand should react and try through a pullback claim the support and break the high range located at 545, this point would be our first take profit, our second take profit is located at 629.

In conclusion, I see a greater possibility that the price will fall towards the demand zone of 465 – 449, at that point we should find the necessary buying force to claim the support and break the range, I recommend not to take positions hastily, we must be attentive to the next candles of 4H to be more sure of the price reaction before a new test of 494.

The mentioned in the major temporalities is for me the lowest zone that the price could touch before changing the trend, however, I remain with the possibility of 4H so far.

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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