With the current crptocurrent market at $294,696,024,115(current value as at when this analysis was posted), the market has lost $39,520,305,448 since on the 10th of June 2018. The market is slight gaining some ground of support.
On the one hour time frame, Cybermiles(CMT) is also holding up to some levels at 0.5fib and 0.382fib(consolidating), more like forming a chart pattern called the DOUBLE BOTTOM( adam&eve or adam&adam).
QUICK OVERVIEW of what ADAM&EVE pattern is all about
Adam is a term that describes how the bottom looks, in this case, a narrow, pointed bottom, perhaps with a one-day or lower than one downward spike. Eve bottoms are more rounded looking and wider. If they have spikes, they tend to be more numerous and shorter. Many times the difference between Adam and Eve is the width of each over their entire height. Adam bottoms tend to remain narrow but Eve bottoms widen over their height. When trying to decide which is which, ask yourself if the two bottoms appear different or similar.
With Adam & Adam, the two should look similar (both narrow).
Eve is a term that describes how the bottom looks (when compared to Adam bottoms), in this case, a rounded looking and wide bottom. If Eve has spikes, they tend to be more numerous and shorter. Eve tends to widen over its height. Adam is a narrow bottom, often composed of a one-day or lesser hours spike. When trying to decide which is which, ask yourself if the two bottoms appear different or similar. With Eve & Eve, the two should look similar (both wide and rounded).
Price will hold at its current level with little more consolidations, which complete the remaining part of the bottom.An additional support to the consolidation and breakout is the oscilator(STOCHASTIC RSI)which is currently at 11.6(oversold) area and still below the 20 making is more likely to breakout.
price should always breakout of the neckline(which is the green line serving as a resistance) before any position will be taken.
technicals suggests an active hold of at its current price with a slightly bullish reversal, if only the current supoort is being held.
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.