Possible scenario for POL for next few monthsHello, looks like we are in a big challenge aren't we?
Not only BINANCE:POLUSDT but also almost every cryptos are dropping hard due to news of the U.S. interest rate cut adjustments.
In last post, I mentioned two possible scenarios, rally or adjustment, and we are in adjustment unfortunately. However, don't jump into conclusion that cryptos are doomed and there will be only a apocalypse. It's too early to say that.
Today, I wanna share my point of view of future scenarios of POL. And I tell you my conclusion first: LONG 📈. Here's the reasons.
=======================================
1) Now the price almost touched 60 days moving average line, and 4 Hours Chart RSI is also in oversell area. This can be as a possible support for a short period.
2) Also, the price is almost near of 0.618 level of Fib. retracement($0.45). In addtion, there were a lot of trading volume in the past, which means also there will be a support. I believe that price will not go down easily through this level.
3) If we consider past 30 days of rally as an eliot impulse wave, I think we are in ABC correction phase. And after that, we can think another rally again.
4) If we look into a chart with weekly period, I think this kind of view is also not quite impossible... but it's just my hope for now.
=======================================
Hope my vision will come true in the future. Don't be so disappointed, fellows! Our life and journey are "long", and so is our chart.
