MASK - The Cleanest Shirt in the Dirty Laundry
Updated
• MASK has been one of the coins that performed the best during 2023. During the month of October 2022 MASK made an astonishing 500% on the back of the hype of Elon Musk’s purchase of Twitter. Since then, it has kept the uptrend and only lost the 200D EMA on June 10th, 2023.
• Unlike other coins, MASK’s uptrend is not completely lost. MASK needs only an 11% price appreciation to be above the up-trending support line, the 200, 50 & 21 EMA’s. MASK doesn’t have a lot to go to be bullish again.
IMO, the only factors that can work against MASK are:
1. All the resistance is clustered together in a tight range.
2. A recovery of the crypto market is not yet certain.
• If Bitcoin regains bullish momentum and pushes up, IMO, MASK will outperform not only Bitcoin but many of the altcoins.
• If we assume that MASK’s performance during the bear market is indicative of future performance; I fully expect MASK to at least make it to its ATH, maybe more.
My Trade Ideas:
1. This one is a bit risky. The premise of this idea is that the Bitcoin correction is over, which is not certain. It is not a bad idea if you have high conviction about MASK and you want to buy a spot bag or trade without leverage.
Entry: 3.64
SL: 3.04
TP: 4.87, 7.33, 13.26
2. This is a more conservative approach. Let MASK reclaim the trendline and the EMAs and go long above resistance.
Entry: 4.87
SL: Below the trendline
TP: 7.33, 13.26 and leave a moon bag.
NFA
What do you think? Please share in the comments
Best wishes to all
• Unlike other coins, MASK’s uptrend is not completely lost. MASK needs only an 11% price appreciation to be above the up-trending support line, the 200, 50 & 21 EMA’s. MASK doesn’t have a lot to go to be bullish again.
IMO, the only factors that can work against MASK are:
1. All the resistance is clustered together in a tight range.
2. A recovery of the crypto market is not yet certain.
• If Bitcoin regains bullish momentum and pushes up, IMO, MASK will outperform not only Bitcoin but many of the altcoins.
• If we assume that MASK’s performance during the bear market is indicative of future performance; I fully expect MASK to at least make it to its ATH, maybe more.
My Trade Ideas:
1. This one is a bit risky. The premise of this idea is that the Bitcoin correction is over, which is not certain. It is not a bad idea if you have high conviction about MASK and you want to buy a spot bag or trade without leverage.
Entry: 3.64
SL: 3.04
TP: 4.87, 7.33, 13.26
2. This is a more conservative approach. Let MASK reclaim the trendline and the EMAs and go long above resistance.
Entry: 4.87
SL: Below the trendline
TP: 7.33, 13.26 and leave a moon bag.
NFA
What do you think? Please share in the comments
Best wishes to all
Note
No trade, yet. first positive sign is if MASK pushes up and takes the trendline and the 21D EMA.
Patience.
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