MATIC looking beautiful, a setup for another Bull run?

Almost breaking out of our blue dotted trend line from our correction. MATIC looks like it's bouncing off the 50 SMA and also where our trendline from our swing lows on our 4hr chart. RSI is neutral for the 4hr chart, but on the 1HR we can see a RSI divergence. Just need some more volume to push through. 26 EMA acting as resistance now, it didnt reject it just yet. Nonetheless 320 Still a great buy with a stop loss below 50 SMA.

Note

We finally pushed through our 12/26 EMA's(yellow/purple line) to the upside and got a close right above it on our 4hr chart! We also held our 50 SMA(green line) support and Trend line(blue dotted line) support. We are also above our 0.5 retracement from our swing low to swing high. RSI seems to be in neutral zone still but still lacking the volume to push us higher.

For those of you who don't know what MATIC is about, I suggest you do some research on them. They have provided a scaling off-chain solution on the ETH through Plasma. So with a total market cap of 57M, that's why I believe this coin to be undervalued and can totally compete with the top 20 coins.

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Zoomed out to have a better look on our Fib Retracement

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Another update on MATIC! Looks like we have closed below our EMA's(yellow/purple line) once again, but not all hope is lost. We still have our 50 SMA(green line) holding support as we speak on our 4hr chart. Prices seems to still be playing right on our 0.5Fib retracement. We are still at the lower end of our Stoch indicator but a bearish crossover has formed. As prices consolidate between our EMA's acting as resistance and our 50 SMA acting support, one of them is bound to break at some point soon.

I do want to go to our Daily chart to get a different perspective.

We are well still above our 12EMA(yellow line) even though it is bullish, we still haven't even touched our EMA to test it. So it is scary indeed to see prices this high without knowing how strong of a support our 12EMA is. I predict that it will be very strong. Below our 12 EMA and we have our .382 FIb retracement sitting at 250. Considering all the crazy wicks we have on our daily candles, the market is showing uncertainty.

Trade closed: stop reached

Ok guys. BTC has broke out of its 8.4K resistance and MATIC has triggered stop loss below our 50SMA on the 4hr chart. As you can see the chart I posted above, when BTC had its run up to 20k in 2017, alt coins dropped as much as 30-50%.

I am however still bullish on MATIC and looking to buy back in at 150-120sat range. Good Luck everyone

This is not financial advice. Just an sharing an idea.

Detective_Conan

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Detective_Conan

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