Bullish on MATIC chart
Updated
WELL WELL WELL, most people would look at a chart like this and run, not me.
Let's break this down like always from a TA/FA point of view. Remember my last MATIC call exceeded all my targets.
I must explain that even though this looks like a cup and handle it is not based off old school TA, though it may still result and be traded like a C&H if we rally hard.
TA: Firstly the 1D chart does not fully show you what is happening on the smaller time frames, and what you see on smaller time frames can easily transition into the medium to larger time frames as long as Bitcoin holds steady. The smaller time frames moving averages are starting to cross up and over each other indicating that there are bullish tremors even after the concentrated leveraged short attack. Also on the 1D chart we see the MACD indicating that selling pressure is subsiding. The Stoch RSI looks to give a definitive buy signal soon, and the RSI is oversold looking as if there is a little more room for downside. The indicators give us an overall bullish sentiment (at least for a relief rally), though caution should be held due to BTC ( my stops are set if trading). Lastly we are sitting upon the 200 D EMA, and sure this is a new chart and the moving average does not have much data but the area is still support.
FA: NOTHING has changed in regards to the team and the amazing tech and dedication that is being put forth. They have been cleared of all suspicion and have explained everything in depth via multiple AMAs/ Interviews. They're looking to finish the year completing 50+ hackathons, which is 3 to 4 times as many as most teams do in a year. They are on schedule for staking (soon), and the Main Net should be completed Q1 of next year. Of course there is massive speculation that Coinbase will list MATIC because Coinbase is an initial investor in the project. There are already many top tier projects experimenting and building upon MATIC and this will only increase greatly after the Main Net. Essentially there is plenty of news to keep this project in the spotlight in 2020, being that it is the most widely adopted and successful L2 helping Ethereum with scailability.
Many people are fearful and that makes me bullish. Great traders say, " Be fearful when others are greedy, be greedy when others are fearful". i don't like greed but I understand the concept.
Let's break this down like always from a TA/FA point of view. Remember my last MATIC call exceeded all my targets.
I must explain that even though this looks like a cup and handle it is not based off old school TA, though it may still result and be traded like a C&H if we rally hard.
TA: Firstly the 1D chart does not fully show you what is happening on the smaller time frames, and what you see on smaller time frames can easily transition into the medium to larger time frames as long as Bitcoin holds steady. The smaller time frames moving averages are starting to cross up and over each other indicating that there are bullish tremors even after the concentrated leveraged short attack. Also on the 1D chart we see the MACD indicating that selling pressure is subsiding. The Stoch RSI looks to give a definitive buy signal soon, and the RSI is oversold looking as if there is a little more room for downside. The indicators give us an overall bullish sentiment (at least for a relief rally), though caution should be held due to BTC ( my stops are set if trading). Lastly we are sitting upon the 200 D EMA, and sure this is a new chart and the moving average does not have much data but the area is still support.
FA: NOTHING has changed in regards to the team and the amazing tech and dedication that is being put forth. They have been cleared of all suspicion and have explained everything in depth via multiple AMAs/ Interviews. They're looking to finish the year completing 50+ hackathons, which is 3 to 4 times as many as most teams do in a year. They are on schedule for staking (soon), and the Main Net should be completed Q1 of next year. Of course there is massive speculation that Coinbase will list MATIC because Coinbase is an initial investor in the project. There are already many top tier projects experimenting and building upon MATIC and this will only increase greatly after the Main Net. Essentially there is plenty of news to keep this project in the spotlight in 2020, being that it is the most widely adopted and successful L2 helping Ethereum with scailability.
Many people are fearful and that makes me bullish. Great traders say, " Be fearful when others are greedy, be greedy when others are fearful". i don't like greed but I understand the concept.
Trade active
BTC moved down like I thought it might, and brought the market with it. You could have had a tight stop or held through the current dip either way as long as you bought the last support (180ish) or held through dip you are still in profit today. Personally I see us continuing upward if BTC holds steady or continues rally. If BTC breaks down again he may bring Matic with him again. Like always stops set if i'm trading. I also like the DCA option on this chart because if you're buying every dip on this chart so far you're in heavy profit.Note
This will probably be one of, or the chart of 2020.
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