Hello folks!
Cup and handles are rare it seems. So, this is certainly not financial advise, but please keep an eye on Matic for this playing out.
First of all, let me comment on the strength of Matic. It's strong! We traded and closed above the 320 sat mark. Even still-- while most of the market is falling, Matic is holding above this quite crucial level.
Matic was NOT a pump and dump. In the chart, I did highlight where it may have gotten "Pumped"-- that only happen from 450-575sats. This was a little much too soon, perhaps. However, in a couple months-- this wont be too much.
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The 12 day bull/bear cycles. I pointed this out in my previous post. It has followed through like gold. So, if this continues, it perfectly coincided with are rising trend-- reaching the cup target-- having a brief (but not too bad) "bear" cycle of the same length. It seems unlikely to me that IF we hit 450 sats- we wont go below 300 sats.
Then, you look for a high volume break of the "handle" and this is a continuation indicator. Meaning, Matic will keep increasing and see new highs in brief time after that.
Once again- the fact that we have stayed so strongly above 320 sats in recent times is a very good sign.
Matic is a very good project and is undervalued as it is (in the longterm).
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Going below 275 sats in coming days will invalidate this chart.
Please see my prior post on Matic here.
Take care and trade safe!
Cup and handles are rare it seems. So, this is certainly not financial advise, but please keep an eye on Matic for this playing out.
First of all, let me comment on the strength of Matic. It's strong! We traded and closed above the 320 sat mark. Even still-- while most of the market is falling, Matic is holding above this quite crucial level.
Matic was NOT a pump and dump. In the chart, I did highlight where it may have gotten "Pumped"-- that only happen from 450-575sats. This was a little much too soon, perhaps. However, in a couple months-- this wont be too much.
-------
The 12 day bull/bear cycles. I pointed this out in my previous post. It has followed through like gold. So, if this continues, it perfectly coincided with are rising trend-- reaching the cup target-- having a brief (but not too bad) "bear" cycle of the same length. It seems unlikely to me that IF we hit 450 sats- we wont go below 300 sats.
Then, you look for a high volume break of the "handle" and this is a continuation indicator. Meaning, Matic will keep increasing and see new highs in brief time after that.
Once again- the fact that we have stayed so strongly above 320 sats in recent times is a very good sign.
Matic is a very good project and is undervalued as it is (in the longterm).
---
Going below 275 sats in coming days will invalidate this chart.
Please see my prior post on Matic here.
Take care and trade safe!
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Please- if you havent already-- see Cryptarian's well articulated post on the fundamentals of Matic
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As always. Please comment your thoughts whether agree or disagree, they are much appreciated by everyone viewing these trading ideas! :)
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breach of channel is not to worry at this point.
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Remember, a cup and handle is not a "V" like \/... Had we stayed in the channel, it would have been like a "\/". So again, I still hold that Matic is strong. I will watch closely and update as time goes forward. Best,