Lower and higher time frames all oversold on the RSI, wicks through 1260 but failed to maintain through strong selling volume on the 15m time frame. I believe MANA is coming back under 1200, we may see a small bounce there but 1150 is very likely past that.
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it plummeted back down to 1130 and only came back 3.5% to 1165 before settling on 1130ish support.
It will either hold here or drop down to the next support at 1080 & 1020.
Closing off this idea will publish a new one once we get some significant movement.
Why it doesnt resemble any previous chart? Will it stay sideways until btc move? In the past mana wasn't affected by btc fluctuation, I dont know what s changed
SoranIsOn
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@Etherpro, all alts are effected by BTC's moves. This is MANA/BTC chart so of course BTC/USD will affect it. If BTC starts to pump drastically you will see MANA dip in the very short term as people sell into BTC to avoid the dip and catch the pump, as BTC gets oversold the money will flow back into MANA pumping it (often exponentially). If BTC dumps its even more complicated. The more BTC remains stable (6500-6700) the more likely TA patterns will come to fruition.
SoranIsOn
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@Etherpro, hey how about that BTC correlation now...? FEAR THE DIP.
Etherpro
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@SoranIsOn, lol, finally moved, so u think it will resemble the previous chart, I mean moon soon, or it will keep moving sideway?
SoranIsOn
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@Etherpro, it really depends on the market sentiment moving into the christmas season. I'm expecting BTC to break out of its triangle in the next 2 weeks. Which way it breaks will be a major indicator of the rest of this years outlook.
Etherpro
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@SoranIsOn, I m afraid that all people expecting NYC will fly, but will end up with btc crashing, cause you can never predict crypto moving especially btc, what happened today is a red flag, because last year btc eas moving up since summer
SoranIsOn
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@Etherpro, what happened today was expected, thats why it happened. Shorts were peaking October 4rth. I personally feel like the amount of money accumulated at 6k will not let it break and we will see a slow rise into christmas or summer 2019.
Etherpro
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Any approximate ti.e for a possible moon based on your experience and the chart? Do u feel any imminent pump coming?
SoranIsOn
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@Etherpro, mana is low sat and can pump pretty rapidly. That being said I don’t believe any major moves are going to happen until btc has a beak up or down. Alts will follow.
Etherpro
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@SoranIsOn, and when will this breakout happens? I feel btc and all alt are dead, shouldn't happens by now if it will go up