Hi all,
Just a quick idea of a trade here: MANA has been correcting recently after its crazy 44% rally on 15.03.18 and I believe that we may have reached the bottom.
We're currently situated on the 78.6% retracement level of said run and all the indicators have aligned on the hourly chart. These include a golden cross on the MACD, oversold Stochastic readings, a low RSI with a small bullish divergence (span of 12 hours). I have published the chart zoomed out so you can see where I set my support and resistance levels and how the price reacted with them (a dip below previous highs of 1140 on Wave 3, caught by the top of the triangle at 1050, and we are sitting now at the triangle's floor/apex).
My main target is calculated using the Elliott Wave guideline which states that the first wave is equal to the fifth wave when the third is abnormally large (in this case we exceeded slightly the 161.8% Fibonacci extension).
With this trade, however, I will be waiting for a confirmed breakout before jumping in, due to the risk:reward being too low (2.08) with my stop loss down below the beginning of the third wave.
Just a quick idea of a trade here: MANA has been correcting recently after its crazy 44% rally on 15.03.18 and I believe that we may have reached the bottom.
We're currently situated on the 78.6% retracement level of said run and all the indicators have aligned on the hourly chart. These include a golden cross on the MACD, oversold Stochastic readings, a low RSI with a small bullish divergence (span of 12 hours). I have published the chart zoomed out so you can see where I set my support and resistance levels and how the price reacted with them (a dip below previous highs of 1140 on Wave 3, caught by the top of the triangle at 1050, and we are sitting now at the triangle's floor/apex).
My main target is calculated using the Elliott Wave guideline which states that the first wave is equal to the fifth wave when the third is abnormally large (in this case we exceeded slightly the 161.8% Fibonacci extension).
With this trade, however, I will be waiting for a confirmed breakout before jumping in, due to the risk:reward being too low (2.08) with my stop loss down below the beginning of the third wave.