Long
Zooming in on MANA
Updated
BTC is behaving, bullishly bouncing off its support, poised to break 45k with resistance around $45,150 area. Sometimes after MANA rallies, it takes a break and the other tokens take a turn. I was concerned about yesterday's rally being shorted after Samsung's V-day novelty wore off, but thanks to JP Morgan stepping into Decentraland, MANA is following its path to the next levels. I zoomed in on the 1hr to illustrate where MANA is at and where it will have minor resistances on its way up to the next targets. This is not financial advice. MANA does need to break $3.41 or risk creating a short-term H&S. An hour ago, I was keeping an eye on the $3.16 level. Should MANA drop below this support, a drop to $2.97 is likely. Don't get me wrong, I believe MANA will hit $2.97 in the future, BUT I think it will hit $3.88, $4.34, maybe $5.10 first. Again, not financial advice...but yes, MANA is following all the fundamentals.
Note
I am not sweating the idea of the H&S on the 6hr. It caught my eye earlier...it's at a weird angle and would only be completed with a drop to $2.90 area. Looks like it is just following the ascending channel. That being said, should it not hit $3.80 area, that pattern would be in play if it goes back below $3.
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