MCO has been dawdling along for a while. I got in on it a few hours before the mid-Jan BTC dump. It weathered the correction nicely and has maintained an upward trend. In fact, I think it is the same trend only adjusted down a bit due to the correction. So after looking at the old trend, I extrapolated a new parallel trend as shown in the chart, where I am targeting a new buy position of ~.00104. From there I am waiting confirmation of a breakout after going past the top of the adjusted triangle, and from there I think it bounces off the original trend's triangle top. My T1 is ~0.0015 and my T2 is ~ 0.0019. These are probably conservative but I tend to undershoot targets to guarantee a profit.
I believe MCO is also gearing up for release of its crypto credit cards in the next month or so, so this is actually a very good long term hodl as well. I will be taking my profits off the bounces, but I will hodl a decent chunk for the long term.
Let me know what you think and if you agree MCO has consolidated enough to make its push to new highs.
*This is an idea not financial advice.
Trade ist aktiv
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Looks like we had a dip overnight to 0.001037, activating my buy order at 0.001040. So far a green candle on the other side. Hopefully this is the turn. Good luck.
Kommentar
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Looking for green candles above the adjusted trend line, looking at the resistance, this still may have some to consolidate, to around 0.001010 but if it is up from there, this is still a pretty good entry point.
Kommentar
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Just waiting on the volume. Seems like a whole bunch of low volume coins have been getting pumped today. Maybe MCO is next.
Nice extrapolation, He-Man. ;) I do agree that the consolidation is about to end. The current situation seems analagous to the XRP situation a couple of months back.
This is the first time in years that a small cap is my #1 holding. I will wait through the areas on your chart before I start phasing out much, much higher. But, profit is profit. :)
mjers
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@rbrauer, let us hope, i've been tracking Monaco for about 1 month now... i expected it to break out some weeks ago, but the BTC crash disrupted my trade.
jasonmecu
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@mjers, same for me, I literally bought 4 hours before the crash lol
This is the first time in years that a small cap is my #1 holding. I will wait through the areas on your chart before I start phasing out much, much higher. But, profit is profit. :)