$MYX has rallied an impressive 80% in the past 5 week, recovering from a low of $1.7. However, the conflict between timeframe is keeping trader waiting for a clearer confirmation signal.
š¹ Bullish structure has been clear since November 18. The important support level to hold is $2.3. However, the deeply negative CMF money flow indicator below -0.05 since October warns that underlying selling pressure is still very strong.
1H Timeframe: Bearish structure is dominating the short term. The old demand zone of $3.05 - $3.15 has now turned into tough resistance.
šø The Decision Point ($3.2) This is the stop that decides the trend.
If the Bulls are able to break $3.2 Short term Supply Zone, it will synchronize the uptrend on both timeframe. The next target will be $3.45 and the $4 - $4.2 zone.
If rejected at $3.2, the price risks sliding to $2.7 or even retesting the $2.3 bottom.
š¹ Patience pay. Rushing into orders at this time is risky. Traders should wait for a decisive Breakout through $3.2 to follow the trend of the larger timeframe Daily.
$MYX is at a crossroads. Although the recovery momentum is good, the ghost of the October crash has not completely disappeared.
Do you think MYX will break $3.2 to move towards $5 or turn back to the pig trough $2.3?
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