Impulse wave: In a short 2nd wave
Updated
Good morning traders, happy Tuesday! I hope your bags are plentiful and you have a good week of trading.
*NOTE* I work in a portrait monitor view, which will make the chart look squished in a widescreen view.
I woke up to Matic's current 'close' sitting on the .236 fib, since then, it's move up. The candle overall did cross below the .236 fib.
It appears the correction may be over with a bit of consolidation in the mix.
Next stop is .618 fib. This one will be a little tricky in my opinion.
The .5 Fib is right around the ATH. I am thinking we're going to see a bit more of a sell of here. So, we might touch the .618 fib, but I think that the candle that happens on will close more closely to the .5fib.
This could spell a bit of trouble for this analysis if so. Why? Well, Wave 4 has a higher possibility of retracing into wave 1 during wave 4 correction. If that happens, that nullifies this entire hypothesis.
We must wait for more confirmation before being able to make a more informed decision regarding that.
Technicals
MACD-X
Looking to pinch off the indication that we're leaving this downtrend. I expect in the next two days it will have crossed back into a uptrend indication.
RSI-X
Both Strength of Price and VOL-X are sloping up towards being over bought. Volume of bought is out weighting sold in the histogram, telling me more want to buy then sell.
VOL-X setting is set to Accumulation and Distribution.
Stoch
Sloping up, already crossed, and looking to head back up. It appears to have reversed since the dip.
Final thoughts
I currently have several longs already established with Matic. The Orange lines are alerts I have setup as a reminder to verify my above hypothesis. I have plans to sell around the .618 fib and to rebuy on the dip after. Assuming that happens.
Trade responsibly and DYOR!
Don't fall into FOMO or FUD!!
Employ the Human API function, human.wait.period{1DAY}. ;) Don't rush to make decisions, that's all I am trying to say.
Thank you for reading and enjoy the rest of your day!
*NOTE* I work in a portrait monitor view, which will make the chart look squished in a widescreen view.
I woke up to Matic's current 'close' sitting on the .236 fib, since then, it's move up. The candle overall did cross below the .236 fib.
It appears the correction may be over with a bit of consolidation in the mix.
Next stop is .618 fib. This one will be a little tricky in my opinion.
The .5 Fib is right around the ATH. I am thinking we're going to see a bit more of a sell of here. So, we might touch the .618 fib, but I think that the candle that happens on will close more closely to the .5fib.
This could spell a bit of trouble for this analysis if so. Why? Well, Wave 4 has a higher possibility of retracing into wave 1 during wave 4 correction. If that happens, that nullifies this entire hypothesis.
We must wait for more confirmation before being able to make a more informed decision regarding that.
Technicals
MACD-X
Looking to pinch off the indication that we're leaving this downtrend. I expect in the next two days it will have crossed back into a uptrend indication.
RSI-X
Both Strength of Price and VOL-X are sloping up towards being over bought. Volume of bought is out weighting sold in the histogram, telling me more want to buy then sell.
VOL-X setting is set to Accumulation and Distribution.
Stoch
Sloping up, already crossed, and looking to head back up. It appears to have reversed since the dip.
Final thoughts
I currently have several longs already established with Matic. The Orange lines are alerts I have setup as a reminder to verify my above hypothesis. I have plans to sell around the .618 fib and to rebuy on the dip after. Assuming that happens.
Trade responsibly and DYOR!
Don't fall into FOMO or FUD!!
Employ the Human API function, human.wait.period{1DAY}. ;) Don't rush to make decisions, that's all I am trying to say.
Thank you for reading and enjoy the rest of your day!
Note
Updated the FIB retracement, we're still in an uptrend. The red candle yesterday turned green, so, here is the updated image showing the new level placement.Looking like we could get to $4 in the 3rd wave! While I have no doubt Matic will reach that eventually (purely based on it's current growth), the merge with Poly is probably helping the faster growth rate we've seen.
I'll continue to update fibs as I see changes on the daily.
Never trade off the smaller time charts if you are new. You will lose. Use the smaller time lines to help guide your daily chart decisions. This is what I do.
Hope it's helpful!
Note
Currently in the 2nd wave. Looks to be consolidating a bit before deciding to move forward into the next wave. Wait until the end of todays Daily candle (6pm MST for me).I suspect MATIC to head back up on the new candle, towards the .5fib first. It will take a bit of support/work to get over the ATH, as I am sure we will see more consolidation in that area prior to making a new ATH in the 3rd wave.
Note
Saw in the lower time lines that Matic is forming a fairly bullish bullflag. :DHope to see it climb after the retest of .236 fib.
However, BTC is falling again and probably will start to go into another major downtrend. Matic and all other alt coins will be effected again.
I'm 50/50 right now if I'll short my trades in preparation for that or not. Waiting of some candle confirmations prior.
Cosmos Blockchain Explorer: explorer.thesilverfox.pro
Validator website and Cosmos Blockchain Unbonding Charts: thesilverfox.pro/
Click on blockchain icon and wait for them to load.
Validator website and Cosmos Blockchain Unbonding Charts: thesilverfox.pro/
Click on blockchain icon and wait for them to load.
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