Original Coverage & Source Attribution: cryptonews.net
Morpho begins a bullish recovery
The Bitso news has likely triggered a spark of bullish sentiment as prices dipped into a local support zone around $2. The altcoin previously approached this psychological round-number level in mid-September and bounced higher.
This bounce did not lead to a bullish trend continuation, that is, a daily session close above $3.
The CMF has consistently been in negative or neutral territory, showing sizeable selling pressure or ambivalence, since September. The lack of buyer dominance helped explain $MORPHO’s inability to push past $3.
Long-term investors and swing traders can look to buy the altcoin in the $1.88-$2.12 golden pocket. A sustained dip below $1.80 would be a sign of trouble for the bulls.
Short-term $MORPHO price action is seller-dominated
The $2.30 area (red) acted as a demand zone earlier in October but has been breached. The recent price gains come within this bearish context. A bounce to $2.30 would likely present a selling opportunity.
Once again, the CMF indicator readings reinforced the idea of a seller-dominated market.
A bullish swing trader bias would be justified if the price can climb back above $2.30 and hold there. Until then, the short-term bias would be bearish, and a deeper correction toward the higher timeframe Fibonacci retracement level at $1.89 would be feasible.
Final Summary
- The Morpho structure on the daily timeframe was bullish, and the Bitso collaboration news sparked an 8% price bounce that went against major crypto asset trends.
- This price bounce needs to reclaim the $2.30 former demand zone, now supply, to signal a true recovery is underway.
