The recent price action in $MANTA is displaying a clear bearish wedge pattern on the 4-hour chart. After a strong breakout from the ABCD harmonic pattern, the price has been consolidating within an ascending wedge structure. Typically, such patterns indicate a potential reversal or breakdown, especially as the volume diminishes towards the apex of the wedge.
Key Observations:
1. Bearish Structure: The yellow trendlines outline an ascending wedge, which often precedes a bearish breakout.
2. Support Zone: The chart suggests that the price might retest the key support area (marked in yellow) if the breakdown occurs.
3. Possible Scenario: If the wedge breaks down, we could see a retest of the demand zone before a potential recovery, as indicated by the blue projection.
Next Steps for Traders:
Watch for a confirmed breakout from the wedge structure.
Look for volume spikes to validate the movement.
Plan for possible short opportunities targeting the support zone, but also remain vigilant for a bounce.
Remember to manage risk effectively and trade based on confirmation, not speculation.
What are your thoughts on $MANTA's next move? Share below!
