Path to new ATH?
تم تحديثه
I've wanted to write about all of the Cup and Handles that I've noticed on the micro (even when making very short term decisions on the 5min) trend during MANA's latest run. It makes sense, it is a bullish formation and MANA is very bullish. I've said in past posts that MANA is "behaving really well." From textbook H&S to Inverted H&S to all the C&Hs to respecting the ascending channel without fault, MANA has been pretty easy to speculate. It even follows rules with regard to time as a function.
IF YOU BELIEVE MANA CAN HIT UPWARDS OF $5, $9, $10+, there has to be a path and the current setup could be HOW WE GET THERE. What we are seeing now is the formation of a massive Cup and Handle on the macro chart, with what will bring all-time highs. It's target is massive and supported by the 1st leg up on the Fibonacci extension. I think/hope we are here. At the very least, I'm bullish on the short-term micro chart as a smaller C&H is forming, also confirmed by the short-term Fib. extension. This short-termT cup may be just the catalyst we need to break higher, and then onto the "big picture C&H."
All that being said, BE CAREFUL. One good reason to be skeptical is that I generally don't use data from the original pump when making a forecast. However, I've also missed out more than not when doing so. I'm a "chart guy" and this is just what the chart is saying, in how I'm reading it. Too good to be true? It should be, but this is not the Fortune 500 market. 45% spike isn't ever out of play and happens frequently. Look for a break above $4.38 and keep an eye on the micro 13% gains? This is definitely worth paying attention to. This is just an idea that I'm sharing with you...not financial advice. I'm looking forward to watching this play out. Keep in mind, this target may not happen in a day...we still have to break out of the triangle, AND pass the ATH...this little 13%+ cup will put us out of the triangle and just below the ATH. A lot of potential volatility and stomach aches ahead. Volatility = opportunity. Set stop losses, don't invest more than you can afford to lose, and good luck. Let me know if you are seeing something very different, please.
IF YOU BELIEVE MANA CAN HIT UPWARDS OF $5, $9, $10+, there has to be a path and the current setup could be HOW WE GET THERE. What we are seeing now is the formation of a massive Cup and Handle on the macro chart, with what will bring all-time highs. It's target is massive and supported by the 1st leg up on the Fibonacci extension. I think/hope we are here. At the very least, I'm bullish on the short-term micro chart as a smaller C&H is forming, also confirmed by the short-term Fib. extension. This short-termT cup may be just the catalyst we need to break higher, and then onto the "big picture C&H."
All that being said, BE CAREFUL. One good reason to be skeptical is that I generally don't use data from the original pump when making a forecast. However, I've also missed out more than not when doing so. I'm a "chart guy" and this is just what the chart is saying, in how I'm reading it. Too good to be true? It should be, but this is not the Fortune 500 market. 45% spike isn't ever out of play and happens frequently. Look for a break above $4.38 and keep an eye on the micro 13% gains? This is definitely worth paying attention to. This is just an idea that I'm sharing with you...not financial advice. I'm looking forward to watching this play out. Keep in mind, this target may not happen in a day...we still have to break out of the triangle, AND pass the ATH...this little 13%+ cup will put us out of the triangle and just below the ATH. A lot of potential volatility and stomach aches ahead. Volatility = opportunity. Set stop losses, don't invest more than you can afford to lose, and good luck. Let me know if you are seeing something very different, please.
ملاحظة
Like a kid waiting for Christmas, I am excited, more and more confident that this will play out. But, like I tell my energized, impatient children around the holidays, "Santa will be here soon enough." The bigger the cup, the longer the handle. No that doesn't mean a long handle in terms of depth. But, it may take a day or two to create a handle (consolidation is happening) for a multi-week cup formation. I'm used to the traditional stock market so I may overreact with the thought of 45% potential gains...blows my mind. This is a completely different animal. 70% gains with a sudden 30%+ retracement is normal and healthy. That being said, a "mere" 45% is completely logical in this ecosystem. This is not financial advice, just my opinion. I always get caught up in the analytics, and forget to remind people to chill...smile...and enjoy your day. If you've been following me, although I've been extremely positive with MANA, I'm more of a skeptic. If I see long-term downsides, I will share those opinions. There is a lot of hype on the internet and it annoys me. Be careful of who you listen to and do your own research. Take my ideas and challenge them (and if I missed something, you better speak up). My approach is to not lose money. To lose 1% invokes more emotion than gaining 15%. When friends called me saying, "ADA just hit $3.35, should I get in?" I said, "yes, it is a great project, but wait until it goes back down to $1.88." Be aware of your personal tendencies to FOMO. It will always come back down. Don't get emotionally attached to any particular asset. Do your homework, validate an idea with several indicators, and set SL's. Feel free to ask questions as to how to best figure out things. If you want to read a book on charts and risk management, check out Bulkowski.ملاحظة
here we go!
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