MonetaryUnit (MUE)
Market Cap: $15.52M
Circulating Supply: 131.36M MUE
Max Supply: 4B MUE
Volume (24h) $118.29K
Technical Analysis
MUE/BTC posted humble gains in the last days, signalling that the buyers are still weak. The price hovers above a major support area, that’s why we can think of another upside movement. The rate is narrowing right now, but I really hope that we’ll have a major move after the breakout from this minor chart pattern.
The rate tested and retested a dynamic support and it has now increased, but it is premature to talk about a larger upside movement at this moment.
I’ve drawn an ascending pitchfork hoping that I’ll catch an important upside movement. The rate has come back down to test and retest the lower median line (LML) and now approaches the minor downtrend line. A valid breakout will signal a further increase towards the 50% Fibonacci line and towards the major downtrend line.
However, it remains to see if this sideways movement will be an accumulation or a distribution. Anything could happen right now. The rate could drop significantly if it fails to pass above the minor dynamic resistance.
Personally, I believe that we could have an important upside movement towards the downtrend line as long as the rate stays above the LML. A larger rebound will be confirmed only after a valid breakout above the major downtrend line.
Conclusion
You could go long on MUE/BTC if the rate jumps and it closes above the minor dynamic resistance. You can place a Stop Loss somewhere below the support area.