$MAGIC breaks 24-hour high: current price 0.0672, prior high 0.06706.
After the breakout, key to watch are two things:
· Can 0.06706 (the prior high) turn from resistance into support (a pullback that doesn’t break)
· Whether the breakout comes with increased volume; breakouts on low volume often evolve into a bull trap
For the short term, are you bullish or bearish?
#MAGIC
Don’t treat these as trading instructions.
After the breakout, key to watch are two things:
· Can 0.06706 (the prior high) turn from resistance into support (a pullback that doesn’t break)
· Whether the breakout comes with increased volume; breakouts on low volume often evolve into a bull trap
For the short term, are you bullish or bearish?
#MAGIC
Don’t treat these as trading instructions.