MANA - STRONG MOMENTUM, STAYING ABOVE ITS MAs! What's Next?
Happy Money Monday, Traders!
Hope you find value from this post.
If you did, pls like and consider following.
Here's a trading idea.
But firstly...
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Quick Disclaimer:
Trade at your own risk. This post/chart is for your reference only, it is not intended as a recommendation, nor is it an advice to sell nor buy this crypto asset, nor to place any trade. This is only trading opinion.
Trading poses a risk of losing some or all of your money and it will be your responsibility if you lose money.
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MANA continues to trade above its 12, 21 and 50 Moving Averages but as of this time of writing is undecided (currently has a Doji Candle) if it should push further up or retrace.
So, what's happening next?
A. If MANA pushes further upwards, the 50% Fib Level above is the immediate target @ $3.811
B. Retracement from here could bring MANA down to its 50MA which could have a confluence and rendezvous at the 23.6% Fib below @ $2.99 and could also find support from the Green Support Extended Trend Line. The 12MA is also fast rising and could approach price action at the rendezvous.
Just be aware that on the 1HR chart, there's a Bearish Divergence on the MACD against the price action.
Previous resistance and support level was around $2.9
C. MANA could consolidate sideways towards the Green Support Extended Trend Line, then decide whether to push higher or break support.
MACD: Crossed the Zero Level 2-3 days ago, and possibly continue pushing higher but only price action can dictate it
Stoch RSI (1Wk TF): Oversold Region, it just crossed bullish after last week's close.
Price action is KING!
Always remember to place your Stop Loss.
Patience and Discipline are KEYS to a successful trade.
Trading is both a Science and an Art.
Develop an intuition and listen to your instinct while following the rules putting emotions aside.
If you have not yet developed it, you will develop this as long as you stay consistent with following
the rules. The skills will become second nature to you much like how you acquire the skill in riding a bicycle.
Soon it will be your subconscious running your trades, again, much like when riding a bicycle
the balancing is controlled by the subconscious part of your brain.
Be PERSISTENT and stay PERSISTENT.
Let me know what asset you wish for me to look at and evaluate for potential long set ups and I will post it here on TradingView.
If you found value from this post, consider giving it a like and subscribe. Furthermore, share it with someone you know will benefit from this.
More power to all your trades, my friends!
Ron
Intrepid_Trader
Hope you find value from this post.
If you did, pls like and consider following.
Here's a trading idea.
But firstly...
==============================
Quick Disclaimer:
Trade at your own risk. This post/chart is for your reference only, it is not intended as a recommendation, nor is it an advice to sell nor buy this crypto asset, nor to place any trade. This is only trading opinion.
Trading poses a risk of losing some or all of your money and it will be your responsibility if you lose money.
=============================
MANA continues to trade above its 12, 21 and 50 Moving Averages but as of this time of writing is undecided (currently has a Doji Candle) if it should push further up or retrace.
So, what's happening next?
A. If MANA pushes further upwards, the 50% Fib Level above is the immediate target @ $3.811
B. Retracement from here could bring MANA down to its 50MA which could have a confluence and rendezvous at the 23.6% Fib below @ $2.99 and could also find support from the Green Support Extended Trend Line. The 12MA is also fast rising and could approach price action at the rendezvous.
Just be aware that on the 1HR chart, there's a Bearish Divergence on the MACD against the price action.
Previous resistance and support level was around $2.9
C. MANA could consolidate sideways towards the Green Support Extended Trend Line, then decide whether to push higher or break support.
MACD: Crossed the Zero Level 2-3 days ago, and possibly continue pushing higher but only price action can dictate it
Stoch RSI (1Wk TF): Oversold Region, it just crossed bullish after last week's close.
Price action is KING!
Always remember to place your Stop Loss.
Patience and Discipline are KEYS to a successful trade.
Trading is both a Science and an Art.
Develop an intuition and listen to your instinct while following the rules putting emotions aside.
If you have not yet developed it, you will develop this as long as you stay consistent with following
the rules. The skills will become second nature to you much like how you acquire the skill in riding a bicycle.
Soon it will be your subconscious running your trades, again, much like when riding a bicycle
the balancing is controlled by the subconscious part of your brain.
Be PERSISTENT and stay PERSISTENT.
Let me know what asset you wish for me to look at and evaluate for potential long set ups and I will post it here on TradingView.
If you found value from this post, consider giving it a like and subscribe. Furthermore, share it with someone you know will benefit from this.
More power to all your trades, my friends!
Ron
Intrepid_Trader
Comment:
50 Day MA shown on this 1HR Chart. Retracement could reach the 50D MA.
