MobileGo Price Technical Analysis for 09/07/2017 – Downtrend Pullback

MobileGo has been trending lower against bitcoin and ethereum, currently showing a pullback opportunity from the ongoing selloff.

MobileGo vs. Ethereum

MobileGo is forming lower highs against ehtereum and has found support around 0.00195, creating a descending triangle pattern. Price is currently bouncing off support and is on its way to testing the resistance.

If resistance holds, another dip towards support might happen. However, it’s also important to note that MobileGo is approaching the peak of the triangle formation so a breakout in either direction is bound to happen sooner or later.

Volumes have been sustained so there’s sufficient investor interest to keep volatility in play. A break past the 0.0020 level could be enough to draw more buyers in and sustain an uptrend while a move below 0.0019 might confirm a bearish breakdown and spur a continuation of the downtrend.

MobileGo vs. Bitcoin

Against bitcoin, MobileGo is down 5.03% as it moves in a descending channel formation. Price has formed lower highs since yesterday and has been showing lower lows as well.

Volume has been somewhat subdued in the past few hours, indicating weaker investor interest in this pair. Traders may be playing it safe and waiting for more directional catalysts after China announced a ban on ICO funding.

MobileGo vs. USD

Dollar price action has tossed and turned recently, but it looks like the focus is returning to local developments. For one, FOMC policymakers warning about the dangers of weak underlying inflation have dampened Fed rate hike expectations for this month and December since this has been backed by actual economic data.

Then again, news that lawmakers have agreed to push the debt limit back to December 15 this year has been dollar-positive since this lessens the risk of a government shutdown. For now, traders are keeping close tabs on how much damage Hurricane Harvey has caused and how much damage Hurricane Irma is expected to cause.

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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