Kucoin $MANUSDT descending triangle idea
This is basically a reminder-to-self for tracking my trade setups.
Matrix AI Network's coin
MAN against USDT pair is currently sitting on a long-term descending triangle pattern.
According to Bulkowski over a third of these patterns break upward.
The pattern is clearly visible on higher timeframes, like the daily and 3D charts.
The pattern follows a 4x markup and shows descending volume, which confirms the patterns consistency. Even so, it will be important to watch this move play out and upon breakout, retest the upper trendline.
On the 4H chart, price action broke up above the Kumo cloud, with Chikou Lagging Span far and up. Parabolic SAR beneath price action, Kumo flipping green and volume increase are all bullish nuances. We can add bullish MACD to all these.
On the daily chart price action has closed above the Tenkan yesterday, which is a bullish nuance with MACD flipping to bullish indication too. Price action and volume will need to flip the Kumo to confirm a mid-term bullish trend.
https://www.dropbox.com/s/ehqtrph41zq1plk/MANUSDT_2021-10-10_23-47-00%20(D%20chart).png?dl=0
On the 3D chart, price action is coming near to descending triangle apex in about a week from today, but price action could break out earlier.
https://www.dropbox.com/s/xic94omr32l8jgc/MANUSDT_2021-10-10_23-41-43%20(3D%20chart).png?dl=0
My mid-term target lies around 0.16 but I will secure profit along the way.
Matrix AI Network's coin
MAN against USDT pair is currently sitting on a long-term descending triangle pattern. According to Bulkowski over a third of these patterns break upward.
The pattern is clearly visible on higher timeframes, like the daily and 3D charts.
The pattern follows a 4x markup and shows descending volume, which confirms the patterns consistency. Even so, it will be important to watch this move play out and upon breakout, retest the upper trendline.
On the 4H chart, price action broke up above the Kumo cloud, with Chikou Lagging Span far and up. Parabolic SAR beneath price action, Kumo flipping green and volume increase are all bullish nuances. We can add bullish MACD to all these.
On the daily chart price action has closed above the Tenkan yesterday, which is a bullish nuance with MACD flipping to bullish indication too. Price action and volume will need to flip the Kumo to confirm a mid-term bullish trend.
https://www.dropbox.com/s/ehqtrph41zq1plk/MANUSDT_2021-10-10_23-47-00%20(D%20chart).png?dl=0
On the 3D chart, price action is coming near to descending triangle apex in about a week from today, but price action could break out earlier.
https://www.dropbox.com/s/xic94omr32l8jgc/MANUSDT_2021-10-10_23-41-43%20(3D%20chart).png?dl=0
My mid-term target lies around 0.16 but I will secure profit along the way.
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