This is a nice short term parabola on MANA. That was followed by a 'by-the-books' breakout and retracement to the 62% fib level, followed by consolidation within a falling wedge and subsequent breakout that is currently fighting the 50% fib level.
This looks like it wants to bounce around support/resist levels a bit to decide how bullish it is. I suspect given the current sentiment in the market that Mana could have more upside, and the wedge itself is a bullish pattern, but ADX and MACD also indicate bulls waning in strength. This resistance at the 50% fib level is key for bulls in the short term, MACD indicates the possibility of further downside in the very near term if bulls can't mount a rally.
I will keep an eye on the price action against those levels, and the MACD to see how it responds to a possible bullish cross in the coming day(s). I think that will give us a clear indication of which direction MANA is going.
This looks like it wants to bounce around support/resist levels a bit to decide how bullish it is. I suspect given the current sentiment in the market that Mana could have more upside, and the wedge itself is a bullish pattern, but ADX and MACD also indicate bulls waning in strength. This resistance at the 50% fib level is key for bulls in the short term, MACD indicates the possibility of further downside in the very near term if bulls can't mount a rally.
I will keep an eye on the price action against those levels, and the MACD to see how it responds to a possible bullish cross in the coming day(s). I think that will give us a clear indication of which direction MANA is going.
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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.