Yesterday I was hopeful, today I'm bullish.
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When I published yesterday, the charts had a lot of unanswered questions. The micro (2hr) view shows that the lower trend line is really strong and the upper trend line can be broken! Sure, over the next few hours we may be in a very micro descending channel that should find significant support at 2.56-2.57. The good news on the $2.88 rejection is that it has successfully tested support and extended consolidation at these lower levels for another day. At this time yesterday, we were fearful of slipping to $2.45 or lower. Instead, we spiked to $2.88, correcting, setting up for the next leg up. This is not financial advice, but if you were unsure yesterday of the trajectory, you have another chance in the coming hours to get in just under $2.60. It is heading back towards 2.83...perhaps one last dip to 2.60ish follow before breaking the upper trend line again?
Keep in mind, the parabolic run isn't going to be the next step. We are going to climb back up in stages. In the coming week, we may hit $3.63 or $4.00 and then return to this bottom trend line, creating an even longer consolidation before ATH. Don't panic. If you are new, learn that this is very healthy. It doesn't feel like it...but it is actually imperative for a healthy ecosystem. As you gain experience, you will prefer this because you can capitalize on predictability. Do not risk more than you can lose and don't trade on emotion. Always take a deep breath, look at the big picture before adjusting your position. Most importantly, don't be a tool. My biggest takeaway from yesterday's movements is the strong support of the lower trend line. Investors are in the wings, waiting to jump back in. Do your own research, be safe, and good luck.
Keep in mind, the parabolic run isn't going to be the next step. We are going to climb back up in stages. In the coming week, we may hit $3.63 or $4.00 and then return to this bottom trend line, creating an even longer consolidation before ATH. Don't panic. If you are new, learn that this is very healthy. It doesn't feel like it...but it is actually imperative for a healthy ecosystem. As you gain experience, you will prefer this because you can capitalize on predictability. Do not risk more than you can lose and don't trade on emotion. Always take a deep breath, look at the big picture before adjusting your position. Most importantly, don't be a tool. My biggest takeaway from yesterday's movements is the strong support of the lower trend line. Investors are in the wings, waiting to jump back in. Do your own research, be safe, and good luck.
Nota
oops...$2.56 was based upon a micro trend line that is not as dependable. There is a short-term descending channel that I can see touching $2.52 or even just a little lower. Furthermore, if MANA gets rejected in the range of $2.62 in the coming hours, we are probably in an extension of short term descending channel, leading to a potential drop to the $2.47 area before recovery. Ugh...there's just so much money waiting at $2.45-$2.48, almost like a magnet. It is my hope that they are going to recognize Decentraland's value and come up a little on their asking price.
Penafian
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