Matic trying to hold support short term
Updated
Matic broke the ascending triangle but on low volume and has come back down to the key .025 area to try and prove s/r.
Bullish indicators - retest of break out level and moving averages holding support with good posture. Also looks to have held some fib levels and the stoch is resetting
Bearish - rejected from .382 of prior ath/top. Volume down while price moved up. Flirting with breaking current uptrend channel. RSI is neutral to down trending short term
MACD histogram on daily is starting to slow on sell side but hourly showing neutral to selling uptick.
If you’re in a position from the 200 hour sma like my self then losses aren’t possible with good risk management but bigger short term gains are still up for debate.
Mid-term - bullish EW count has this as just a 4th. The team has lots of news action coming and all key fibs are intact. Bearish- volume needs to hold vs going lower and we need to hold the daily open top
Bullish indicators - retest of break out level and moving averages holding support with good posture. Also looks to have held some fib levels and the stoch is resetting
Bearish - rejected from .382 of prior ath/top. Volume down while price moved up. Flirting with breaking current uptrend channel. RSI is neutral to down trending short term
MACD histogram on daily is starting to slow on sell side but hourly showing neutral to selling uptick.
If you’re in a position from the 200 hour sma like my self then losses aren’t possible with good risk management but bigger short term gains are still up for debate.
Mid-term - bullish EW count has this as just a 4th. The team has lots of news action coming and all key fibs are intact. Bearish- volume needs to hold vs going lower and we need to hold the daily open top
Note
Matic is fighting to stay on trend. Check out the 200 period ma, + 100 ema, 55 ema on 2 TFs, the hourly and the 15 min. On the 15 min TF the 200 ma has been a big line of support and fights between sellers and buyers are often triggered here. Also, volume still isn't at a level yet where things will really lift off, but high enough to continue sustaining price as it seems the selling pressure is fading every time we get closer to the critical supports, i.e., no whales are ready to jump ship and bet against this coin... yet.
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