MATIC/BTC Golden Cross
Updated
It's hard pressed to find a coin or token that can see possible gains in this current market, but the MATIC/BTC chart seems to stand out.
Firstly we see a golden cross that took place on Nov 21st, where the 50EMA crossed above the 200EMA. We also see that the 100EMA seems to possibly want to cross above the 200EMA as well. Generally when Daily EMAs cross above each other we see Algo Bots buy, giving positive momentum for traders and hodlers. Secondly we see that other daily indicators verify bullish momentum, the MACD shows buying pressure and the RSI shows bulls in control.
Now in the short term a pull back is always a possibility which would present as a buying opportunity, this can be offered if BTC pulls back "crashes" again, or if the resistance levels is to strong. Currently BTC is moving sideways which allows for alts to recover/rise though our resistance at 196ish sats seems a little strong. We could see MATIC bounce between 165-196ish until the market improves.
Fundamentally the MATIC project has a lot going for it, we have a main net coming soon and many projects already experimenting with using the technology. In my opinion with MATIC being a Binance IEO and Coinbase investment it makes me think that the big players in this space see MATIC as one of the best if not the best scaling solution for Ethereum.
If MATIC can break 196 sats then we may see a move to 213 and then possibly to 251 sats in the short to medium term. I really find the consolidation on this chart to indicate accumulation which is very healthy. Not financial advice but I have out lined key resistance and supports on this chart shown as yellow lines that can be followed to the right of the chart for the exact satoshi value. I always use a stop lose in this type of market because if BTC continues his decent to 6k he will bring the market with him.
This play is more inclined to provide satoshi gains than USD unless BTC can consolidate and push upward in which it could possibly be both Sats and USD gains. Personally I hold a good amount of MATIC which I will never sell because I see the ecosystem growing and I want to be part of it.
Firstly we see a golden cross that took place on Nov 21st, where the 50EMA crossed above the 200EMA. We also see that the 100EMA seems to possibly want to cross above the 200EMA as well. Generally when Daily EMAs cross above each other we see Algo Bots buy, giving positive momentum for traders and hodlers. Secondly we see that other daily indicators verify bullish momentum, the MACD shows buying pressure and the RSI shows bulls in control.
Now in the short term a pull back is always a possibility which would present as a buying opportunity, this can be offered if BTC pulls back "crashes" again, or if the resistance levels is to strong. Currently BTC is moving sideways which allows for alts to recover/rise though our resistance at 196ish sats seems a little strong. We could see MATIC bounce between 165-196ish until the market improves.
Fundamentally the MATIC project has a lot going for it, we have a main net coming soon and many projects already experimenting with using the technology. In my opinion with MATIC being a Binance IEO and Coinbase investment it makes me think that the big players in this space see MATIC as one of the best if not the best scaling solution for Ethereum.
If MATIC can break 196 sats then we may see a move to 213 and then possibly to 251 sats in the short to medium term. I really find the consolidation on this chart to indicate accumulation which is very healthy. Not financial advice but I have out lined key resistance and supports on this chart shown as yellow lines that can be followed to the right of the chart for the exact satoshi value. I always use a stop lose in this type of market because if BTC continues his decent to 6k he will bring the market with him.
This play is more inclined to provide satoshi gains than USD unless BTC can consolidate and push upward in which it could possibly be both Sats and USD gains. Personally I hold a good amount of MATIC which I will never sell because I see the ecosystem growing and I want to be part of it.
Note
Chart analysis by -AZTEC- from the Crypto Secret Circle.Note
Closed in profit hopefully everyone took the opportunity to slowly take profits on the way up, to buy in again lower, before the concentrated leverage short attack. In hind sight there all targets were hit and there was ample time to take profits due to the project making gains for 3 weeks steady.Trade closed: target reached
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