MANAUSD - Nearing critical decision point on 4H
Updated
Decentraland is reaching the point of a larger symmetrical triangle consolidation pattern I've been watching for a while now. Decreasing volume indicates that a move is imminent. If the move has high volume and strength, that would be an indication to look for an entry point.
It's also formed a bull flag inside of the larger structure. Within the next 24 hours, it'll make a decision which way to go, either way down, or way up.. not much in between I suspect. Wait for confirmation before entering a position. Target 1 is the measured move of the flag pole from the smaller move up, and Target 2 is the measured move from the impulse move to the top of the symmetrical triangle.
Watching for breaks of $1.02, $1.07, and $1.11 as resistance points.
Potential 30-60% gains from the move.
It's also formed a bull flag inside of the larger structure. Within the next 24 hours, it'll make a decision which way to go, either way down, or way up.. not much in between I suspect. Wait for confirmation before entering a position. Target 1 is the measured move of the flag pole from the smaller move up, and Target 2 is the measured move from the impulse move to the top of the symmetrical triangle.
Watching for breaks of $1.02, $1.07, and $1.11 as resistance points.
Potential 30-60% gains from the move.
Note
Still consolidating.. zooming in on the 1h chart shows rejection at the upper boundary, so a retest of support is probably coming at the lower boundary. If that holds, a breakout to the upside becomes much more likely on a retest of resistance.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.