#MYX Market Analysis
MYX is sitting at 0.0847 on the daily after one of the ugliest downtrends of the year, having dropped from 7.5000 in February all the way to the current lows near the descending channel base. Price is now trying to build a floor between 0.0750 and 0.1000 as the channel support squeezes in from below, and this is the kind of spot where either a real reversal starts brewing or the trend just keeps grinding lower until nobody's watching anymore.
Bull case: hold above 0.0750 and reclaim 0.1000 to break the pattern of lower highs, opening room toward 0.1300 and a real move into 0.1700. Bear case: lose 0.0750 and slice the channel base, exposing 0.0570 with no meaningful support below to catch the fall. Is this a bottom worth watching, or a knife nobody should be catching?
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Bitcoin Bullets® Trading
MYX is sitting at 0.0847 on the daily after one of the ugliest downtrends of the year, having dropped from 7.5000 in February all the way to the current lows near the descending channel base. Price is now trying to build a floor between 0.0750 and 0.1000 as the channel support squeezes in from below, and this is the kind of spot where either a real reversal starts brewing or the trend just keeps grinding lower until nobody's watching anymore.
Bull case: hold above 0.0750 and reclaim 0.1000 to break the pattern of lower highs, opening room toward 0.1300 and a real move into 0.1700. Bear case: lose 0.0750 and slice the channel base, exposing 0.0570 with no meaningful support below to catch the fall. Is this a bottom worth watching, or a knife nobody should be catching?
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Bitcoin Bullets® Trading