Mana has a long way to go deep down into the abyss. It has currently broken a key support level and it is a long way down to what I would consider the next key support. MACD is also bearish on the daily and RSI is looking to go down into oversold territory.
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I entered a trade with 5x leverage. Remember that it is not uncommon for the price to backtest the resistance area (thats the risk on this trade).
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Now we are looking for a retest of the resistance and a reentry with a trade depending of how the price acts at resistance
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We also witnessed a bullish mat hold on the 4 hourly
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I entered a new 5x trade at 0,6013 with a tight stoploss at 0,6053 thinking that the 4 hourly candlestick indicates a backtest of the resistance zone and that the long wick indicates that prices are ready to dump. On the 30min we also have a shooting star candlestick pattern with a price drop confirmation (bearish)
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I made the trade risk free
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Seeing signs that we are struglling to dump beyond the wicks I took profits while still beeing in the greens
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Looking for a new entry if we get rejected hard by the resistance