MANA MACRO ANALYSIS - (DECENTRALAND)
Updated
Happy New Month Everyone.
We will be looking at MANA/USDT today.
In our past analysis we managed to predict the drop on mana and identified areas to get into a long position, however price missed by a few digits (need to learn to market buy more often). Today we will have another go at longing mana.
As you know the last analysis was based off the First Wave Extension Theory which still remains the same. You can read up on the previous analysis for more details:
Current Analysis:
Not much to explain really. Judging by the chart above, we can expect price to make new ath's this year around early July to September depending on how Bitcoin & Ethereum behave in weeks to come.
Longest duration for price to peak was the 1st wave which having the highest %growth makes sense, followed by a correction of -77%.
Wave 3&4 have had similar timeframes to conclude their tops and bottoms, as well as -70%+ corrections, so we can expect the same for wave 5.
PS: I was expecting a drop to the 1.6 region in January with 1.3 being the worst case scenario, try and keep that in mind and remain on guard. Other than that, I'm happy to average in at these prices.
If you agree pls leave a like and share your views as well in the comments.
Feedback is always appreciated.
We will be looking at MANA/USDT today.
In our past analysis we managed to predict the drop on mana and identified areas to get into a long position, however price missed by a few digits (need to learn to market buy more often). Today we will have another go at longing mana.
As you know the last analysis was based off the First Wave Extension Theory which still remains the same. You can read up on the previous analysis for more details:
Current Analysis:
Not much to explain really. Judging by the chart above, we can expect price to make new ath's this year around early July to September depending on how Bitcoin & Ethereum behave in weeks to come.
Longest duration for price to peak was the 1st wave which having the highest %growth makes sense, followed by a correction of -77%.
Wave 3&4 have had similar timeframes to conclude their tops and bottoms, as well as -70%+ corrections, so we can expect the same for wave 5.
PS: I was expecting a drop to the 1.6 region in January with 1.3 being the worst case scenario, try and keep that in mind and remain on guard. Other than that, I'm happy to average in at these prices.
If you agree pls leave a like and share your views as well in the comments.
Feedback is always appreciated.
Note
Price broke below the channel, can't say I'm surprised. Watch for a Drop back down to support @$1.7065 if we fail to break back above, with $1.3(1.236 fib) being the worst case scenario.
Note
Bearish retest confirmed!
Expect price to return to our earlier mentioned $1.3 level and possibly lower to $1.1(new worst case scenario) before attempting a long.
Note
Price reached the $1.1 dollar level as expectedTrade closed: target reached
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