MANAUSD Cycle may need to make one last low before rallying
Decentraland (MANAUSD) has been unable to break above the 1W MA50 (blue trend-line) despite January's rise (led at large by Bitcoin). This draws heavy comparisons with the previous Cycle, which on March and June 2019 failed also to break above the 1W MA50 despite a March rally and instead dropped to the 1.236 Fibonacci extension, which was a Lower Low for the Bear Cycle and the final bottom.
The 1W RSI pattern confirms those similarities and even though MANA doesn't have to decline as low as the 1.236 Fib again (which is at 0.1420), we have to consider the high probability that the bottom is not in. Of course breaking and closing above the 1W MA50 invalidates that and sets the market on a Bull Cycle track. Technically the closing above the 1W MA100 (green trend-line) kick starts the parabolic part of the Bull Cycle.
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The 1W RSI pattern confirms those similarities and even though MANA doesn't have to decline as low as the 1.236 Fib again (which is at 0.1420), we have to consider the high probability that the bottom is not in. Of course breaking and closing above the 1W MA50 invalidates that and sets the market on a Bull Cycle track. Technically the closing above the 1W MA100 (green trend-line) kick starts the parabolic part of the Bull Cycle.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! **
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