MANA/USD 1D Pennant Pattern
Idea
MANA/USD is on the brink of completing a beautiful bullish pennant pattern on the 1D chart @ 1.2000. The set up seems to suggest a bullish continuation for MANA /USD up to about 1.7300.
Price Structure
Structure Base: 13 Mar '21 @ 0.7426
Structure Apex: 14 Mar '21 @ 1.2505
Conclusion
The difference between the high and the low of the pennant pattern base was roughly 50 cents. Adding this amount to the theoretical exit price of 1.2000 gives an estimated future level of 1.7500. The stop loss on this one will be the 0.382 fibonacci price @ 0.8012 which also coincides with several daily lows within the pennant pattern as well as the current 50D EMA. Probability of this trade is in favor but the risk/reward is 40 cents/50 cents so keep that in mind on unit sizes.
MANA/USD is on the brink of completing a beautiful bullish pennant pattern on the 1D chart @ 1.2000. The set up seems to suggest a bullish continuation for MANA /USD up to about 1.7300.
Price Structure
Structure Base: 13 Mar '21 @ 0.7426
Structure Apex: 14 Mar '21 @ 1.2505
Conclusion
The difference between the high and the low of the pennant pattern base was roughly 50 cents. Adding this amount to the theoretical exit price of 1.2000 gives an estimated future level of 1.7500. The stop loss on this one will be the 0.382 fibonacci price @ 0.8012 which also coincides with several daily lows within the pennant pattern as well as the current 50D EMA. Probability of this trade is in favor but the risk/reward is 40 cents/50 cents so keep that in mind on unit sizes.
Trade closed: stop reached
0.8012 was reached many moons ago but now it is acting as resistance. Nothing matters in Decentraland until Bitcoin wakes up!
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