Hello traders will Rea with hyped encrypted comm we're about to do a lightning analysis on Manero if you enjoy these videos
Please hit like and subscribe below. It just gives me validation to keep doing these things, but without further ado your lighting analysis?
So we're looking at Manero, it's a Bitcoin
The four-hour chart on the finance exchange. I have a
Very well established
Upward sloping channel, I already have it plotted for you because I didn't want to create confusion. That's something that we don't want to do
And the reason you might be confused if I plotted this and we saw these levels you might ask me over a while
Why did you go straight through these right? It's like so about a week and a half ago. I'd already had this plotted so
what we saw was a
Breakdown out of this well-established channel this channel
That's been in existence that started since December 6th this channel is so long
It's it's been around longer the Monaro has been on the finance exchange
You can't tell me that's not well established
It's the definition of it so when we did break down
Below these levels the the bottom trendline of the o of the upward sloping channel we had a complete rejection candle a bullish engulfing
Broke back above we broke above the 20 tested the 15 the 100 or I'm sorry the 200
And failed to break above those so we broke back down
We had our second fake out which was also kind of considered a double bottom which is great
We broke back above we tested this trendline again used it as support, and then we broke out
But we failed to break higher highs
So we have now have lower prices and again. It's kind of do-or-die time for manera. You can't tell me if we
Fall out of this and it confirms a breakdown that we won't see much lower prices and so with that being said
What kind what kind of lower prices could we see?
so real quick
in my previous videos
I've talked about exaggeration candles before right and how it kind of makes things off when you're plotting your fibs
You got to be really careful about this so
What are we looking at I don't really see much
You see we have things sticking out it
It could be a little cleaner so we always want to do to check our math our fid math
I guess you want to say is just kind of play around and see other tops are there better well step established chalk tops and
so if we look here
I believe we do so we have a lot of respect right here respect right here the two three six
really good respect level right here six one eight I
Believe this is pretty good and look at this right here at the three eight two a lot of respect right here
I mean this is it like this is why?
We don't always plot immediately all the time from bottom to top we have to make sure that we take into consideration
exaggeration wicks
Because that's going to give us a false fib reading so
What do we have going on Manero? Has?
failed to break above the
50 the 20 and the 200-day moving average, that's never a good sign
But we're above the the trendline right now
We're expecting that so our next resistance is going to be the 382 level we can't break above that
We will most certainly fall out of this channel again to test the 50% retrace
And then the six one eight because this is a pivot point now so
something else I saw I
Think we have another
Channel, but this one is a downward sloping channel
First off let me just tell you real quick
Why I chose these levels on my larger more established
Upward sloping channel, so we've plotted here, and we plotted here
This was our third plot point the reason I chose this look at the respect the resistance at the heart line
Another resistance of the heart line supports at the heart line support at the heart line support at the heart line
So that's why I chose this to be my upward sloping channels plot points and now
Right here, it's kind of harder to see on
the heart line here
It's not as good, but we have a very very well established plot points one two three and now four
so you don't
You have to have one or the other you have to have a lot of strength on the plot points or the heart line
Yeah, both that's great, but you got to have one of the other so
What can happen here are scenarios?
Sometimes when we have multiple channels like that. Hey they draw the symmetrical triangle for us
We are I think we're in the midst of a symmetrical triangle, and we could chop in here
We have confluence of this upper trend line of the downward sloping channel with the 236, so that's a strong support
but we also have
Absurd resistance and we also have a strong support right here at the 3/8 too, but first
We're going to break above it to make it a support
But it's about to be a resistance that we're going to test soon enough so if we fall below these levels
we will hey look we have more confluence showing a stronger support with the heart line here and
The 50% retrace if we can't hold these levels we're gonna see the 6 1 8
this
20
4690 satoshis it's gonna be possibly a triple bottom if we can't hold the six one eight which is
kind of strong
Since we've broken above it twice here. We will see much lower prices
we will go down to the seven eight six bib line which is confluent with the
bottom trend line of the downward sloping channel
so
There there's a lot of good. There's a lot of bad here. Well. There's there's no clear indication to me
Where we're going just based on a lot of contradicting factors of our variables so
if we're looking at our
MACD it doesn't tell us a great deal either because we have positive moments in this built
But we also
Aren't really losing momentum. We're actually it's kind of
the same amount of negative momentum, so
We just have to wait and see what happens there's no prediction here
We just have to talk about what could happen if we break certain levels, that's Realty a real
Fate ta is all neutrons going to 275 or $10 now. That's clickbait
They just want you to take a look at the channel. They're gonna
Talk a bunch of bullcrap, and they're not going to teach you anything right here. I'm trying to teach youth it levels
exaggeration wicks upward sloping channels downward sloping channels heartlines
I'm trying to teach you how to do everything so I don't have to do this every day you can do it without me
You don't have to watch people on YouTube
You know make jokes and you don't have to click click bait, so
unfortunately with Manero we don't have any clear indicators of
Where it's going so I?
Will keep you posted when we do our recap on this to see where we're going
But overall where we're making higher highs in the long term, but that can change
Because we have to make higher highs than this level and then this level and then this level
So I hope this was
Informational for you again hit like and subscribe if you enjoyed this, but until next time stay height
You
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