Hey guys,
There are several reason why I am shorting MANA here. First because of the price action, this is a supply zone and I see the reaction of the price to this level. Despite the fact the bullish trend is strong, the sellers usually get into the market and take profit. Even if the Bullish trend suppose to continue, we need some correction and I am going to bet against the trend for a down momentum.
Also if you se Fib, either retrace or extension, both point the area as strong resistance area.
Add on to this, I am using an indicator based on RSI and CCI, which I published it and you can use it too, and it is pointing this area is selling zone. Here is the link
All in all, I have opened a short position with this SL and TP.
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nothing in this post is financial advice.
There are several reason why I am shorting MANA here. First because of the price action, this is a supply zone and I see the reaction of the price to this level. Despite the fact the bullish trend is strong, the sellers usually get into the market and take profit. Even if the Bullish trend suppose to continue, we need some correction and I am going to bet against the trend for a down momentum.
Also if you se Fib, either retrace or extension, both point the area as strong resistance area.
Add on to this, I am using an indicator based on RSI and CCI, which I published it and you can use it too, and it is pointing this area is selling zone. Here is the link
All in all, I have opened a short position with this SL and TP.
=====
nothing in this post is financial advice.