ETP/BTC moves in range but you should be ready for a breakout from this extended sideways movement. Are you long or short on this pair?
Metaverse ETP (ETP)
Market Cap: $30.46M
Circulating Supply: 35.79M ETP
Max Supply: 100ETP
Volume (24h) $4.60M
ETP/USD = $0.85474
Technical Analysis
ETP/BTC continues to move sideways in the short term, so we should wait for a valid breakout so we can take action again. The rate has found a bottom at the 0.00007820 level and failed to reach it again in the last attempts, signalling a potential rebound.
The pair remains under pressure in the short term as long as it is trading below two important resistance levels.
You can see on the Daily chart that it has found a strong demand zone right below the downside 50% Fibonacci line of the descending pitchfork and now moves towards the median line (ML). The rate could continue to move sideways, but you should also be ready for a breakout. Right now we need to wait to see the breakout direction.
Right now it seems a little exhausted because it has failed to reach the median line (ML). Personally, I believe that we could have a great trading opportunity if the rate will pass above the median line (ML) and if it will stay there. A great buying opportunity will appear only after a valid breakout above the 0.00012860 static resistance.
Conclusion
It remains to be seen if this sideways movement will be an accumulation or a distribution. We should wait for a valid breakout and only then to open a position. You can buy it from above the 0.00012860 static resistance having a first target at the upside 50% Fibonacci line. A selling opportunity will appear after a valid breakdown from this pattern.
