MANA created gigantic triangle in the weekly chart

Hello traders .

before we start i should apologize , because in the past week i couldn't find interesting chart in the crypto market , so it's not possible to publish new idea ; always i try to share best chart for my followers because i usually say Quality must take precedence over quantity .

but let's start with the weekly time frame :

in the weekly chart you can see we have very perfect triangle and usually triangle patterns consider as trend continuation patterns , but some of them are neutral , which means there is 50% chance for both side to break . but in this case in my opinion price still bullish , because if you notice into the chart you can find out that price didn't break the previous low , and hold above the weekly trend line ( red line ) , and price still hold above the ema ribbon , so the overall trend is still bullish , but MANA is not extremely bullish because for this , i think at least we need to see HH and HL in the price , but in the current situation price is in the accumulation phase .

also in the RSI , MANA created this blue resistance line , i think it's very probable to see massive price pump if this trend line break , but you can't use this as buy signal , this signs and this indicators are just some tools to makes trading easier for you , and help you to make more accurate decision .

for find trading opportunity we need to look at the daily chart :

here is the daily chart , if we draw FIB retracement tool from the beginning of the bull market up to the top , we can see important levels for MANA , currently MANA price is on the 0.618 , this is why that this level is important for the MANA , because you can see this level is alignment with daily support structure and also , neck line of the minor W pattern is in this price level .

in my opinion best place for opening long position is above the daily resistance structure at 0.91$ but you can also wait for the break out from the weekly triangle , as long as price hold above the previous low at 0.58$ we can say MANA is still bullish .

whats about price targets ?

if this pattern decide to break to the upside , i think the possible target could be around 1.27 FIB projection level , because this fib level is alignment with the triangle price target ; also there is another way to calculate price targets :

you can also consider this as AB=CD pattern if price hold above the current low :

I hope you enjoyed this analysis.
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