Monaco breaking out of triangle! MCO/BTC long opportunity

Founded in Switzerland in 2016, Crypto.com (MCO), formerly known as Monaco, intends to offer payment card products that allow consumers to borrow and spend cryptocurrency through the VISA payment network. The MCO Card is a Visa-branded debit card that is backed by a cryptocurrency-funded bank account. 

With connections to international foreign exchange banks to facilitate currency conversion, the project aspires to offer competitive interbank exchange rates for major crypto and fiat currencies regardless of the user's location. In Feb of 2017, Crypto.com (then Monaco) was accepted into a Hong Kong Government backed Cyberport incubation program. Source

Let's take a look at this chart: 

 

TradingView Chart Link

After a long consolidation, MCO have breakout of triangle on 15 Feb. and retested that breakout on 04 March. The price was rejected from there, which give us a great opportunity to take a long position.  

We can see a W-formation on a daily chart, which give us another strong signal for a buy and another thing to take into consideration, is that we are trading above the 200 MA . The price projection: AB=CD! 

MACD and RSI are also bullish and the volume keeps increasing!

Use the fib. levels for entry and exit points! I think there is a nice and stady support @64k! Use the stop loss below 64k!  

Love tech? The top 3 blockchain employers: read here!

Photo Source:

Disclaimer : My posts are never financial/invest advice! For a favorable outcome, make your own research! Never invest more than what you can afford to lose. Don't forget, it's all about positive thinking and patience!

Remember, you should always use a stop loss!