Matic long
Updated
Matics long term structure is really strong and I am confident we have hit the low on this correction.
The shorter timeframes are suggesting a possible partial decline of the latest range just below the historical resistance at 75c. There is also the three valleys patter that has developed and confirmed.
Here you typically wait for a break and confirmation of 75c, however we've decided to partly enter the trade now, with the plan of adding above 75c if we break and confirm it as support.
The stop loss is placed below the secondary low and at the break of the shorter trend. You could make your stop loss looser if you wanted to trade the range low. If we get stopped out we will look for the opportunity to re-enter.
For this cycle my long term targets are:
1. $2.61
2. $3.62
3. $4.50
These are the targets for my spot hold, I wouldn't want to see the price break 60c for this play.
The shorter timeframes are suggesting a possible partial decline of the latest range just below the historical resistance at 75c. There is also the three valleys patter that has developed and confirmed.
Here you typically wait for a break and confirmation of 75c, however we've decided to partly enter the trade now, with the plan of adding above 75c if we break and confirm it as support.
The stop loss is placed below the secondary low and at the break of the shorter trend. You could make your stop loss looser if you wanted to trade the range low. If we get stopped out we will look for the opportunity to re-enter.
For this cycle my long term targets are:
1. $2.61
2. $3.62
3. $4.50
These are the targets for my spot hold, I wouldn't want to see the price break 60c for this play.
Comment
Failed, again why stop losses are incredibly key in this market. Remember these coins are intrinsically worthless, you simply TRADE them.Comment
To all the people that messaged us saying they will hold past the SL. I hope this serves as a lesson on levels and variables. These are not value asset, you want to trade them not invest in them. If a key level is violated and a bullish structure is broken you should take the loss and move on. Who knows when matic will come back to 70c, maybe never.Disclaimer
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