Potential Propulsion Off Support Line (MANA/USD)

Dec 16, 2017


After gaining mainstream media attention, MANA has gradually made its way into the top 100 coins by market cap, and now almost among the top 50. From the technical analysis standpoint, this is a crucial support line that has been intact for almost two-weeks, hence optimistically, I would expect a bounce off this support line towards a new all time high. However, a breakdown from this long standing support line will pull MANA down towards the 0.618 Fibonacci retracement from the previous high at around 426 to 505, which would also serve as a strong entry level to add towards the position. 


First Target: 1052
Second Target: 1327

Dec 17, 2017

Note

MANA has broken downwards from the trend line and has found support at the Fibonacci retracement at 505. MANA is attempting to bounce back towards the trend line. If you are currently holding MANA, this is a solid opportunity to average down on your entry price.

Dec 18, 2017

Note

MANA pushing back towards the trend line with heavy volume.

Jan 4, 2018

Note

After heavy bitcoin consolidation, MANA has finally been able to breakout and achieve our first target of 1052. I apologize for the error in timing due to the heavy bitcoin consolidation and a substantial decrease in market capitalization affecting the entire cryptocurrency market. I hope those with steady hands have been able to profit from this trade.