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Market Analysis

MCO Technical Analysis – Bearish scenario invalidated

Earlier near mid-December 2019, we posted our analysis for Crypto.Com’s ERC-20 token MCO. We saw two possible paths with an imminent decision coming ahead. The bearish scenario was triggered first as price action broke the supporting trendline and was then heading towards $2.95, or more than 25% lower.

As the market’s trend took a turn, this token followed suit and broke what was previously a horizontal resistance ($4.495), closed multiple daily candles above and retested the level multiple times while respecting the key level. This deemed the proposed bearish scenario as invalidated and the bullish one launched and targeting $6.10 or 27.7% higher.

It is very important to adapt to changes in the market, many will cling to their ideas even after their invalidation price has been reached which begs the question: are we trying to be right or trying to make a profit?

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