- November 11, 2022
- Posted by: Tradingshot Articles
- Category: Cryptocurrency
The idea is on the 1D time-frame where MASK just formed a Golden Cross on the 1D time-frame, which is a bullish pattern when the 1D MA50 (blue trend-line) crosses above the 1D MA200 (orange trend-line). This is upon a pull-back just a week after the November 03 High, which not surprisingly failed to break the 6.500 Resistance of the April 02 High.
We say not surprisingly because the previous 1D Golden Cross, also failed to break its Resistance level at the time (29.150) and instead of a bullish extension, the price turned sideways, until it eventually got rejected on November 27 into an extended Bull Cycle.
Even the RSI patterns between the two are similar, so it is not unlikely to expect a similar consolidation unless the 6.500 Resistance breaks. We have plotted the 2021 price action on this year’s and the similarities are strong.