If you’ve followed my analyses, you know that I’ve been monitoring MANA’s bullish channel for quite some time. In my previous post about MANA I talked about this bullish channel and expected a bullish move.

After an initial run-up, MANA saw some red days in a row, which led to a bearish break out of the pattern. In recent days, the market outlook has shifted from being very bullish to being uncertain with a bearish tone. Where most investors expected calmer times ahead, things got more volatile with the most recent FED statements about interest rates. If you have any questions about interest rates, please check out my post below where I explain why they are important.

With a bearish break out confirmed, it’s uncertain where MANA will go from now. A re-test of the $2 support is very possible if the markets stay the way they are. Best thing to do now is to wait for clarity on the direction. Patience will pay off in the long-run.

Happy trading!