MATIC Polygon: Catch The Re-test
Updated
Hello friends, today I am completing a technical analysis on the 4H linear scale chart for Polygon ( MATICUSD ), an altcoin cryptocurrency. Please review the chart and analysis below carefully as there are many trendlines and indicators noted.
Congrats to everyone that caught Polygon on it's recent pump!
#CryptoPickk notes the following:
1) Polygon price has been in a multi-month triangle (in cyan color), which is almost at the apex.
2) Most recently since the end of October 2021, the price has been moving in a descending channel (in red color), which it broke out. The breakout also brought the price to the top trendline of the triangle pattern as well. The price is also supported by another trendline (in green color).
3) In most cases, when price moves up this fast, it goes back for a re-test of the pattern before breaking out further upwards. The descending channel re-test may be possible which is outlined in the square box (in white color).
4) The Fibonacci Retracement at 0.786 level may be a place where the re-test may occur (above or below slightly as well).
5) The price is above the Ichimoku Cloud which is currently green (bullish) but has a hint of red (bearish).
6) The RSI (relative strength index), Stochastic RSI (Stoch RSI), MACD, Money Flow Index (MFI) and Fear and Greed Indicator are all in or near the overbought region. This may show some signs of price correction to help the indicators cool down.
7) The Volume is strong.
8) The Volume Profile (VPVR) is showing support and resistance at the re-test area as well.
9) If the price re-tests within the square box, the price has potential to move up about 25% to the 1.618 Fibonacci Extension level at $2.46-$2.50 range.
10) MATICUSD is looking very bullish for December.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
Congrats to everyone that caught Polygon on it's recent pump!
#CryptoPickk notes the following:
1) Polygon price has been in a multi-month triangle (in cyan color), which is almost at the apex.
2) Most recently since the end of October 2021, the price has been moving in a descending channel (in red color), which it broke out. The breakout also brought the price to the top trendline of the triangle pattern as well. The price is also supported by another trendline (in green color).
3) In most cases, when price moves up this fast, it goes back for a re-test of the pattern before breaking out further upwards. The descending channel re-test may be possible which is outlined in the square box (in white color).
4) The Fibonacci Retracement at 0.786 level may be a place where the re-test may occur (above or below slightly as well).
5) The price is above the Ichimoku Cloud which is currently green (bullish) but has a hint of red (bearish).
6) The RSI (relative strength index), Stochastic RSI (Stoch RSI), MACD, Money Flow Index (MFI) and Fear and Greed Indicator are all in or near the overbought region. This may show some signs of price correction to help the indicators cool down.
7) The Volume is strong.
8) The Volume Profile (VPVR) is showing support and resistance at the re-test area as well.
9) If the price re-tests within the square box, the price has potential to move up about 25% to the 1.618 Fibonacci Extension level at $2.46-$2.50 range.
10) MATICUSD is looking very bullish for December.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
Note
Exact re-test into the white box. EXACCCTTTLLLYYYY! lol.Note
MATIC is approaching the targeted Fib level in the chart. Be ready.Note
Also get ready for the Polygon's zk Summit on Dec 9. It may be a buy the rumor, sell the news scenario. Be ready.
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