MATIC - Of Course Long, bit ..As I write this bit did a bit drop and dragged all with the tide. However, bit did a double bottom on the 30min RSI this morning at 9 and 10 o’clock my time touching RSI27 nicely. It’s now back up to 40 and ascending. enough about bit …
Looking at MATIC 12h chart we see the last big red candle dragged the PA outta the range market to a small support area of 2.10. thanks bit. Mind it has 4 hours to close my time, so.
Where’s MATIC at? The 1 month RSI @70 has been in an ascending impulse wave action since July. Presently, we’re in the downward portion of the impulse. The 1 week RSI has sort of the same movement but presently shows a definite sideways movement. In summary an UpTrend.
The present 12h chart I see that during the last two steps, it made a double bounce off the 200ma and trend line that following the “lows” along the waves.
Thanks to bit’s drop MATIC finds itself at minor support area with a blah long term RSI.
It “may” bounce back up from here, and if it does, and ascends thru the .382 FIB ext, which also seems to be the top of the range market, it could hit .618 wonderland and go.
I suspect it may pullback to either bottom trend line / 200ma, at around 2 bucks give or take a nickel.
Thence the long term RSI impulse action discussed in the 1 month, will be in the uptrend portion of the impulse wave action and it looks good.
My thoughts, not advice Oklah. Cheers
