MATIC POLYGON * WEEKLY TF EWP TC FIB ANALYSIS
The chart provided is an Elliott Wave analysis applied to the price action of the cryptocurrency MATIC, on the Polygon network, in a weekly time frame:
1. Elliott Wave Structure
• The chart shows a corrective pattern (denoted as A-B-C or W-X-Y), which is a retracement in an overall bullish market.
• The price action is nearing the end of a corrective wave (Y), with a potential reversal point forming in the orange box.
2. Channels and Trendlines
• The price movement is contained within a corrective channel.
• The long-term trend is shown by the upward green channel, indicating that after the correction, a return to a bullish movement is expected.
3. Fibonacci Levels
• Multiple Fibonacci retracement levels are drawn on the chart to guide potential support and resistance zones.
• The 0.5, and 0.618 Fibonacci levels are significant for both resistance and support, with prices currently near the 0.618 level.
• The price is also interacting with a pivot zone (shown by the orange labels), and could potentially reach the P level at $0.446 before bouncing.
4. RSI (Relative Strength Index)
• The RSI indicator at the bottom shows the market is nearing oversold territory (below 40), indicating that the selling pressure may be exhausting and a bounce could be imminent.
5. Price Target
• The a curved arrow at the bottom indicating a bullish reversal potential, suggesting that after this final leg down, the price could shoot back up to the previous highs and beyond.
• The upper target for a bullish breakout seems to be around the $2.714 level, based on previous wave (B) highs, with an extension potentially aiming toward the $5 level and beyond.
6. Support Zones
• The orange box (around $0.191 to $0.26) represents a critical support area, where a reversal might happen.
• If the price fails to hold this zone, the next support level is around $0.0454, which appears to be the ultimate bottom level of the correction.
Conclusion:
This chart suggests that the current corrective phase is nearing completion, and there is a strong possibility of a bullish reversal from the $0.191-$0.26 support zone. If this area holds, the price is projected to rally upwards, potentially targeting $2.7 and beyond in the next impulsive move.
1. Elliott Wave Structure
• The chart shows a corrective pattern (denoted as A-B-C or W-X-Y), which is a retracement in an overall bullish market.
• The price action is nearing the end of a corrective wave (Y), with a potential reversal point forming in the orange box.
2. Channels and Trendlines
• The price movement is contained within a corrective channel.
• The long-term trend is shown by the upward green channel, indicating that after the correction, a return to a bullish movement is expected.
3. Fibonacci Levels
• Multiple Fibonacci retracement levels are drawn on the chart to guide potential support and resistance zones.
• The 0.5, and 0.618 Fibonacci levels are significant for both resistance and support, with prices currently near the 0.618 level.
• The price is also interacting with a pivot zone (shown by the orange labels), and could potentially reach the P level at $0.446 before bouncing.
4. RSI (Relative Strength Index)
• The RSI indicator at the bottom shows the market is nearing oversold territory (below 40), indicating that the selling pressure may be exhausting and a bounce could be imminent.
5. Price Target
• The a curved arrow at the bottom indicating a bullish reversal potential, suggesting that after this final leg down, the price could shoot back up to the previous highs and beyond.
• The upper target for a bullish breakout seems to be around the $2.714 level, based on previous wave (B) highs, with an extension potentially aiming toward the $5 level and beyond.
6. Support Zones
• The orange box (around $0.191 to $0.26) represents a critical support area, where a reversal might happen.
• If the price fails to hold this zone, the next support level is around $0.0454, which appears to be the ultimate bottom level of the correction.
Conclusion:
This chart suggests that the current corrective phase is nearing completion, and there is a strong possibility of a bullish reversal from the $0.191-$0.26 support zone. If this area holds, the price is projected to rally upwards, potentially targeting $2.7 and beyond in the next impulsive move.
In technical analysis, several methods focus on higher timeframes to provide a broader, more reliable context for trading or investment decisions. Elliott Wave Principle generally considers historical higher timeframes as mandatory.
Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.