Long

Updated

A very optimistic approach to MATIC chart

Some fantasy about MATIC chart.

Head&Shoulders target being the new accumulation level with a spring to the previous low. Macro double bottom. Adam&Eve. Perfect preparation for the bull run.

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Not fun version. I like MATIC. I used to use it heavily. I would definitely buy the double bottom.

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I don't think this is a great short right now btw. It makes me feel like one last up thrust is needed before confirming anything.

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And I don't think it's gonna happen but invalidating H&S would be super bullish. You would look for crazy targets in that case.

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This is a 200d range so far. It's not a toy for kids. Big guys are playing such things. And they are playing it around the major correction levels. So this H&S pattern is IMPORTANT. Invalidation crazy bullish. Confirmation crazy bearish.

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If you wanna be conservative about your bearish target, 0.54 is the one.

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Looks like it's trying something. I think we are close to a decision here.

Trade active

I am in. 1.057 entry. I'm not very passionate about this position. So just a ~2.5% stop loss.

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Stopped :D I am holding very little part of the short. Will close all ~1.185.

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12h close above this is good enough invalidation signal for me. Invalidating h&s should be bullish. No point in searching for the next bearish setup after that. Big bearish setup invalidation should mean big bullish intention.

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Next target is easily 1.47 in that case.

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Well, you should show us strength MATIC. Why would you get rejected there if you were so bullish to break a massive bearish setup?

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Ok let's go then.

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Will the range hold or was it just a big noise?

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It has performed really well in this bear market. It probably has still some room to the upside in this rally. But would I consider it as a long-term hold with this chart? No.

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Reaccumulation or distribution? Time will tell.

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I think 0.5 & 0.618 retracements are tradable. Many coins have a distributive outlook right now. I can't say the same for MATIC.

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Yes this looks like a deviation but it doesn't give me distribution vibes to be honest. More like a failed reacccumulation. Or failed for now?

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It already pumped above macro correction levels. So idk.. I can find enough reasons to be bearish on almost all crypto charts. But not on MATIC chart right now.

Trade active

Long @0.953. Last chance imo.

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Like this. Nothing crazy.

Trade closed manually

Ok i'm out ~1.029 lol. Quick one.

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Good bounce tho. It can go much more.

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Someone on twitter pointed out the similarity of this chart to MATIC chart. Actually yes, at this point I have to accept it looks like a redistribution.

d.stockcharts.com/img/articles/2015/11/1446837631954895112336.png

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I'm considering to short in case of a good correction tbh.

UnknownUnicorn17387766

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UnknownUnicorn17387766