Looking at the long-term time frames reveals that there’s still significant downside pressure in play for MobileGo against bitcoin, ethereum, and the dollar.
MobileGo vs. Bitcoin
MobileGo is still holding its head steady above the long-term support at 0.0005 against bitcoin but it’s worth noting that price has been forming lower highs since June. This means that sellers are pressing harder and could eventually win out against buyers, creating a steeper drop for MobileGo.
Of course another bounce could be possible but there’s a strong likelihood that it would form lower highs compared to that of early July. A break past this area, however, could signal that buyers are not out yet.
MobileGo vs. Ethereum
MobileGo has managed to form higher lows against ethereum, though, but it looks like it could still go for a test of the 0.004 support level. Ether has taken quite a hit after the flash crash in GDAX but it looks like it could still hold a candle to MobileGo.
MobileGo vs. USD
A bit of a head and shoulders pattern can be seen on MobileGo vs. the dollar and this is a classic downtrend signal. A break below the neckline just below 1.25 could be enough to confirm that a stronger selloff is underway, possibly taking price down to 0.5 next.
There are a lot of factors supporting dollar strength these days, particularly the expected Fed rate hike in September. Of course this would depend on how economic data turns out and many are looking to the upcoming NFP release to see how hawkish the Fed might be.
Leading indicators have shown mixed results but more to the downside, so there’s a chance that the actual reading could come in short and douse tightening forecasts. Keep in mind that the Fed is also under pressure to start balance sheet reinvestment soon and choosing to do so could delay their future rate hikes.
In any case, consolidation above these support zones for MobileGo could carry on until the next big market catalyst. For now, it seems that the dollar could enjoy more volatility among its counterparts, unless there are major updates from either bitcoin or ethereum.
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
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