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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