An aggressive interpretation of the market structure would conclude that MKR's drop below the recent higher low at $1283 on 4 August flipped the market structure bearishly.
However, on the daily timeframe, MKR had a strongly bullish outlook. A revisit to the $1000 support zone could offer swing traders an opportunity to enter long positions. In the meantime, scalp traders can hunt for shorting opportunities.Source: MKR/USDT on TradingView
An aggressive interpretation of the market structure would conclude that MKR’s drop below the recent higher low at $1283 on 4 August flipped the market structure bearishly. The inability to hold on to the $1270-$1300 support zone also showed bearish intent. The RSI fell below the neutral 50 mark on 5 August on the 4-hour chart, showing a shift in momentum in favor of the sellers. However, the OBV saw only a slight move downward. This suggested that selling volume was not high, a fact reflected in the volume bars on the price chart over the past week.
To the south, the $1170 level was a support level that had been a resistance level back on 21 July. Therefore, an MKR move to the $1150-$1170 region could give a bullish reaction. The Fibonacci retracement levels showed that the 61.8% level at $1037 had confluence with a 4-hour bullish order block. This was another region where the bulls could seize control.The slow descent of MKR prices from $1340 to $1210 was accompanied by a slow bleed in Open Interest.
Overall, the MKR token bias differed widely across higher and lower timeframes. This presented traders with multiple areas of interest in which they can look for short-term or long-term trades and would need proper planning and execution.
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