MANAUSD - Nearing critical decision point on 4H
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Decentraland is reaching the point of a larger symmetrical triangle consolidation pattern I've been watching for a while now. Decreasing volume indicates that a move is imminent. If the move has high volume and strength, that would be an indication to look for an entry point.
It's also formed a bull flag inside of the larger structure. Within the next 24 hours, it'll make a decision which way to go, either way down, or way up.. not much in between I suspect. Wait for confirmation before entering a position. Target 1 is the measured move of the flag pole from the smaller move up, and Target 2 is the measured move from the impulse move to the top of the symmetrical triangle.
Watching for breaks of $1.02, $1.07, and $1.11 as resistance points.
Potential 30-60% gains from the move.
It's also formed a bull flag inside of the larger structure. Within the next 24 hours, it'll make a decision which way to go, either way down, or way up.. not much in between I suspect. Wait for confirmation before entering a position. Target 1 is the measured move of the flag pole from the smaller move up, and Target 2 is the measured move from the impulse move to the top of the symmetrical triangle.
Watching for breaks of $1.02, $1.07, and $1.11 as resistance points.
Potential 30-60% gains from the move.
Nota
Still consolidating.. zooming in on the 1h chart shows rejection at the upper boundary, so a retest of support is probably coming at the lower boundary. If that holds, a breakout to the upside becomes much more likely on a retest of resistance.
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