DecentralandLong
MANA TRADING PLAN;Nobody looks at this BIG UPCHANNEL & M-pattern
Updated
MANA already BO of ABC downtrend line & is now retesting the lower edge of this BIG up\channel.
After 7 continuous red candles making a M-pattern. This bullish pattern may stop the decline & make a possible bounce on the channel low. (No sign of bounce yet but RSI is OVERSOLD). A bounce will give bulls a chance to make a short term higher high going into the bigger green 3.9 to 4.5 zone.(we will already have a higher low IF it bounces soon)
BE CAUTIOUS as we are still in medium term downtrend although long term uptrend.(remember the BIG CHANNEL). BO from this Channel may send it down to retest the 4H ema20 halt reversal buy at 2.17 or even further down to retest the ABC bottom at 1.7.
Overall the risk to reward ratio is attractive as MANA is still consolidating in the lowest quarant of this BIG CHANNEL.
Not trading advice but hope this guides someone in need.
May the MARKET be with you always!
After 7 continuous red candles making a M-pattern. This bullish pattern may stop the decline & make a possible bounce on the channel low. (No sign of bounce yet but RSI is OVERSOLD). A bounce will give bulls a chance to make a short term higher high going into the bigger green 3.9 to 4.5 zone.(we will already have a higher low IF it bounces soon)
BE CAUTIOUS as we are still in medium term downtrend although long term uptrend.(remember the BIG CHANNEL). BO from this Channel may send it down to retest the 4H ema20 halt reversal buy at 2.17 or even further down to retest the ABC bottom at 1.7.
Overall the risk to reward ratio is attractive as MANA is still consolidating in the lowest quarant of this BIG CHANNEL.
Not trading advice but hope this guides someone in need.
May the MARKET be with you always!
Note
The short term moving averages dma5, 10 & 20 as well as the cloud will be giving temporaryresistance in the blue eclipse zone. The RSI oversold bounce may just drive thru it.
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