Good Morning, Traders!
MANA may be in the process of an upward sloping head and shoulders pattern. The neckline was formed with about 4 points and it is now in the process of forming its right shoulder. The current price just tested the resistance level at the 61.8% fib retracement which may have formed the right shoulder already. The volume that is seen during the formation of this shoulder (if it is complete) is not a significant amount and therefore may hinder the effectiveness of the breakout.
The breakout is expected to last until the price of 0.00000829, this is measured using the distance between the left shoulder and the neckline. If the right shoulder hasn't completely formed, the formation of the "shoulder" may not be relevant at all because, at that point, the price may just be traveling at an upward trend (the "neckline"). The price touched this line once before the formation of the first shoulder and may do so after the last shoulder, ruling our head and shoulders pattern obsolete.
Important Resistance Levels: 1121, 1061
Important Support Levels: 968, 838
DISCLAIMER
WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.
CONFLICTS OF INTEREST
GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
Written by:
Arham Bheda
Senior Research Analyst
MANA may be in the process of an upward sloping head and shoulders pattern. The neckline was formed with about 4 points and it is now in the process of forming its right shoulder. The current price just tested the resistance level at the 61.8% fib retracement which may have formed the right shoulder already. The volume that is seen during the formation of this shoulder (if it is complete) is not a significant amount and therefore may hinder the effectiveness of the breakout.
The breakout is expected to last until the price of 0.00000829, this is measured using the distance between the left shoulder and the neckline. If the right shoulder hasn't completely formed, the formation of the "shoulder" may not be relevant at all because, at that point, the price may just be traveling at an upward trend (the "neckline"). The price touched this line once before the formation of the first shoulder and may do so after the last shoulder, ruling our head and shoulders pattern obsolete.
Important Resistance Levels: 1121, 1061
Important Support Levels: 968, 838
DISCLAIMER
WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.
CONFLICTS OF INTEREST
GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
Written by:
Arham Bheda
Senior Research Analyst