DecentralandLong
033. PIGGISH PLAY - Long MANA/USD
Updated
Been a while since I posted a pig play. This is mainly because I have been waiting patiently for markets to pullback or crash for months now. While I have posted some short plays, this market is being propped up on hot air and it has become clear that trading should be done sparingly until this topping nonsense comes to an end.
Meanwhile, I have many ideas for AFTER the drop in the stock indices and bitcoin and only two bullish ideas for the here and now: gold and mana.
One could argue on behalf of either of these assets for being the next major wealth transfer destination for their inherit defensive properties against inflation. As natural safe harbors for wealth preservation (well, gold for sure and mana tbd), I feel comfortable longing either and/or both in the near-term.
I have stated before that MANA is particularly interesting to me because it is (for now) completely decentralized - meaning the central banks cannot f with the supply dynamics via obviously bad policy practices. I love gold, but in keeping with the crypto zeitgeist and the general trend of computerizing assets, I present you with the idea above.
The instructions are all displayed in the chart and if you follow them somewhat closely, I am sure that you will be happy you did in a year's time.
The last and most important item is to WAIT FOR BITCOIN TO RETRACE SIGNIFICANTLY before an entry consideration into MANA or any other coin. Alternatively, for the more diligent crowd, you can see whether MANA diverges from BTC as BTC is dropping via basic side-by-side observation or keeping a close tab on the near-term correlation coefficient. Either method can serve as additional confirmation of a bullish future for MANA, but I would still wait for the price levels depicted above before entering.
That is all, best of luck, don't get greedy in stocks, etc.
-MANIC-PIG, MANA-PIG
MANAUSD
MANAUSDT
MANAEUR
BTCUSD
ETHUSD
BITPANDAPRO:BTCEUR
BITPANDAPRO:ETHEUR
Meanwhile, I have many ideas for AFTER the drop in the stock indices and bitcoin and only two bullish ideas for the here and now: gold and mana.
One could argue on behalf of either of these assets for being the next major wealth transfer destination for their inherit defensive properties against inflation. As natural safe harbors for wealth preservation (well, gold for sure and mana tbd), I feel comfortable longing either and/or both in the near-term.
I have stated before that MANA is particularly interesting to me because it is (for now) completely decentralized - meaning the central banks cannot f with the supply dynamics via obviously bad policy practices. I love gold, but in keeping with the crypto zeitgeist and the general trend of computerizing assets, I present you with the idea above.
The instructions are all displayed in the chart and if you follow them somewhat closely, I am sure that you will be happy you did in a year's time.
The last and most important item is to WAIT FOR BITCOIN TO RETRACE SIGNIFICANTLY before an entry consideration into MANA or any other coin. Alternatively, for the more diligent crowd, you can see whether MANA diverges from BTC as BTC is dropping via basic side-by-side observation or keeping a close tab on the near-term correlation coefficient. Either method can serve as additional confirmation of a bullish future for MANA, but I would still wait for the price levels depicted above before entering.
That is all, best of luck, don't get greedy in stocks, etc.
-MANIC-PIG, MANA-PIG
MANAUSDMANAUSDTMANAEURBTCUSDETHUSDBITPANDAPRO:BTCEUR
BITPANDAPRO:ETHEUR
Note
Here is an example of how screwed up and intertwined markets are at the moment.Also, if you want to know what happens to the stock market on Monday, just watch what BTC does in the next few hours...
Note
Similarly, if you want to know what Gold is going to do, watch PAXG trade against BTC.Trade active
Bought some today.. lets see if we can get some divergence away from BTC and really breakout here.Starting small b/c the risk is high in this spot without a proper double bottom.
Trade active
Took profits just now on the entry above. Will look to re-enter as crypto sells off generally of BTC's count. Maybe later this week and within the buy zones on a double bounce..
Trade active
double bottom*Trade active
Gonna wait to pick my big entry this week. Im buying anything sub-1.90, if that happens. Will also buy on the way down - if it is to slip a bit towards a buck/coin.From what ive noticed, its incredibly tough for Mana to decouple from BTC and this likely due to the fact that both have futures markets (absurdly stupid).
If we see divergence, since I perceive Mana more like Gold than BTC, then its a snap buy at these levels.
We are in the upper buy zone, so will launch as needed from here on.
Trade active
Just made my first long entry with size.Trade active
adding here and will add in 1k increments if it follows a potential bitcoin drop and then rips higher leaving its annoying correlation with bitcoin once and for all.its a good place it add, just know that costing down is likely so incremental adding is recommended. If it breaks towards 2.8 +, then you can fire away.
Trade active
Here's how I see it:Trade active
This might be (hopefully will be) my last comment for some time on this idea. With the way the chart has developed, I can now get a decent look at a price target and time target. Bottom line is the place im taking most of my profits is just above 15.00/coin and the move to there should be happening within the next day or two and will last about 1-2 weeks, closer to 1.See below for an elliptical projection where the price action has to be contained within the shape on the right side if it is correct. Some slippage on the lower right hand side initially is acceptable, but once it moves 2 dollars higher from here, it must be contained as follows:
Trade active
Note
Im all in with the total position I wanted so going to leave the markets to it. Will check back in a few days and will simply cancel the trade if its clearly not going the right way by Tuesday.Good luck.
Trade active
Gonna add here just because of how unfriendly it looks.I actually do think the sellers are gone here and any "dump" is gonna be fast and unproductive for the remaining shorts.
So, adding here and down if needed.
Trade active
another great spot to enter. prob the last opp before the train leaves the 2s.Trade active
just dont buy btc thinking its gonna follow unless it pops above 43k.Trade active
Still accumulating a position at these levels.. still long.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.