BINANCE:MANABTC is our next coin of discussion.
It looks as though BINANCE:MANABTC is forming a . Should the break, we could see profits of up to 75%.
Using the height of Pole A, we can estimate the peak of the second rise; should there be one. The estimated peak from Pole B just happens to also stop at the peak of our Fib Extension.
Look for the price to break the . After breaking from it, I'd wait until the price cleanly breaks through the next Fibonacci level. i,e., If the price stays within the over the next month and breaks on March 16th, I'd wait until the price rose above the 0.382 Fibonacci level.
Again, we will wait until we enter e position before gauging an appropriate stop-loss.
*I didn't include the normal MAs because of the initial listing of BINANCE:MANABTC . Those prices mess with the calculations of the MAs and are not reliable. So, we'll use them at a later time.
- We are going to keep an eye on this as time unfolds. Should the price fall below the 0.236 Fibonacci level, we should expect this to follow and confirm a downtrend.
The two candles above the red arrows raises some questions:
- The first one shows large wicks and very little body. This indicates that there was a big battle between buyers and sellers. Although the sellers won, the result wasn't dominant.
- The second, today, shows a . Now, the is still ; which doesn't necessarily support our claim that a rise is eminent. Ideally, we want to see the bulls takeover as the rest of the day unfolds and turn that sucker into a green .
We'll be keeping an eye on this coin over the next few weeks. I'm going to wait for the confirmation of an uptrend before entering a position.