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Maker is starting to turn bullish in the short-term with the cryptocurrency at a critical juncture
MKR / USD medium-term outlook is also starting to turn bullish with price now trading above the pair’s 200-day moving average
Both time frames are showing bearish head and shoulders patterns
Maker / USD Short-term price analysis
In the short-term, Maker is starting to turn bullish after buyers sliced through the neckline of a head and shoulders pattern, and also the pair’s 200-period moving average on the four-hour time frame.
The pair is now accelerating towards key trendline resistance, with a break above the key trendline likely to provoke a technical test of the pair’s current 2019 trading high.
Technical indicators are starting to look overstretched across the four-hour time frame; traders should watch for any signs of price-action exhaustion around trendline resistance.
Pattern Watch
The downside potential of the smaller bearish head and shoulders pattern has now played out, although a further decline towards the pair’s November 2018 trading low would form an even larger head and shoulders pattern.
MKR / USD H4 Chart (Source: TradingView)
Key Moving Averages
Price is currently trading above the pair’s 200-period moving averages on the four-hour time frame; this signals that traders are starting to turn more bullish in the short-term.
MACD
The MACD indicator on the four-hour time frame is currently generating a bullish trading signal.
Maker / USD Medium-term price analysis
In the medium-term Maker is starting to turn bullish, with the pair trading above its 200-day period moving average for the first time this year.
A large head and shoulders pattern is clearly visible on the daily time frame, which has significant downside potential. The MKR / USD pair is trading at a critical juncture and must move price above the 700.00 level to negate this bearish pattern.
This cryptocurrency has been in rally mode since the early part of February, technical indicators on the daily time frame are still bullish with further scope to run higher.
MKR / USD Daily Chart (Source: TradingView)
Pattern Watch
Aside from the bearish head and shoulders pattern, traders should note that the February trading low appears to have created a bullish triple-bottom pattern formation.
Key Moving Averages
Traders need to carefully watch daily price closes around the pair’s 200-day moving average this week as a major technical breakout or reversal may occur.
Relative Strength Index
The RSI indicator has turned bullish on the daily time frame and is starting to approach overbought trading conditions.
MACD
The MACD indicator is generating a strong bullish signal on the daily time frame.
Conclusion
Traders should closely watch the trading action around the pair’s 200-day moving average over the coming days, as a major shift may be underway in this cryptocurrency.
A strong technical rejection from current levels may be disastrous for Maker, as a large bearish pattern is looming over the cryptocurrency on the daily time frame.
Maker Chart
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