MANA - Double Bottom W Pattern
I waited a bit with posting MANA also considering the developments of last weekend. But situation is as follows.
Until the end of November, the Bulls has pushed the price considerably higher which we can see in the uptrend channel. As is known, the bears have recently indulged themselves. the bears came on the scene and stepped out of the trend channel and actually a Falling wedge was created which has brought a downward result in recent days. There, the bulls managed to absorb around $2.5 dollars and bring the price back above $3.25 in a short time.
Support appears to be holding at USD 3.25 for now. So from that perspective it can go two ways.
- if the bulls keep this zone, it is quite possible that a double bottom or W formation can be formed here. The ADAM formation there often has a peak as the wick shows and the EVE formation within the W pattern is often round. The story is that a larger volume decline at ADAM would suggest a good development in the upward price action.
- but if we lose the $3.00 then a further decline towards the $2.5 is quickly there again.
Keep calm, Do your own research! trade safe and manage your risk.
(Disclaimer: This is not a Financial Advise)
Dont forget to upvote or leave a comment ;-)
Until the end of November, the Bulls has pushed the price considerably higher which we can see in the uptrend channel. As is known, the bears have recently indulged themselves. the bears came on the scene and stepped out of the trend channel and actually a Falling wedge was created which has brought a downward result in recent days. There, the bulls managed to absorb around $2.5 dollars and bring the price back above $3.25 in a short time.
Support appears to be holding at USD 3.25 for now. So from that perspective it can go two ways.
- if the bulls keep this zone, it is quite possible that a double bottom or W formation can be formed here. The ADAM formation there often has a peak as the wick shows and the EVE formation within the W pattern is often round. The story is that a larger volume decline at ADAM would suggest a good development in the upward price action.
- but if we lose the $3.00 then a further decline towards the $2.5 is quickly there again.
Keep calm, Do your own research! trade safe and manage your risk.
(Disclaimer: This is not a Financial Advise)
Dont forget to upvote or leave a comment ;-)
Tims.Technische.Analyse by TIMTIBBO