MATIC may be about to go for its next run (yaaaassss Maticccccc)
I’ve analysed the chart using the PHOENIX ASCENDING tool & Fibonacci lines.
If you go back through the chart and look at the previous 3 lows of Matic in relation to Phoenix Ascending (blue line on or under 20 + yellow pressure dots, green line moves upwards when crossing red line), and how far they ran to the highest following peak.
**Please note here: it is not usually the first Phoenix peak that is the peak of the run.
These are the dates and their % move:
31st Jan - 10th Feb: Low = 0.063 / High = 0.1469. % move = 133%
15th Feb - 20th Feb: Low = 0.08 / High = 0.2. % move = 150%
5th March - 12th March: Low = 0.188 / High = 0.5. % move = 165%
As you can see in the chart: we hit a Phoenix Ascending low on 21st March, and are currently in the formation of a second low.
SURPRIIIIIISE this is also a beautiful support line AND the 0.618 Fibonacci line, based on the previous run.
As I’m writing this, I’m watching the rejection happen already on the 4hr timeline.
My bet is we will bounce up from here. We’ve had a solid rejection wick that extends below the 0.618 Fib line, body of the candle still above.
Please let me know your thoughts! I have only just started sharing my trading ideas publicly, and am keen to learn/discuss.
Happy trading friendios, hope you’re all making some solid cash today ;)
I’ve analysed the chart using the PHOENIX ASCENDING tool & Fibonacci lines.
If you go back through the chart and look at the previous 3 lows of Matic in relation to Phoenix Ascending (blue line on or under 20 + yellow pressure dots, green line moves upwards when crossing red line), and how far they ran to the highest following peak.
**Please note here: it is not usually the first Phoenix peak that is the peak of the run.
These are the dates and their % move:
31st Jan - 10th Feb: Low = 0.063 / High = 0.1469. % move = 133%
15th Feb - 20th Feb: Low = 0.08 / High = 0.2. % move = 150%
5th March - 12th March: Low = 0.188 / High = 0.5. % move = 165%
As you can see in the chart: we hit a Phoenix Ascending low on 21st March, and are currently in the formation of a second low.
SURPRIIIIIISE this is also a beautiful support line AND the 0.618 Fibonacci line, based on the previous run.
As I’m writing this, I’m watching the rejection happen already on the 4hr timeline.
My bet is we will bounce up from here. We’ve had a solid rejection wick that extends below the 0.618 Fib line, body of the candle still above.
Please let me know your thoughts! I have only just started sharing my trading ideas publicly, and am keen to learn/discuss.
Happy trading friendios, hope you’re all making some solid cash today ;)
Matic has broken bearish on the 0.618% line. I have two thoughts on this -
First, if you look at the listed dates in my original post, the second one (15th Feb - 20th Feb) the retracement after the high went down to the 0.786% level. We may be seeing this now. One thing I've seen consistent is Matic likes to respect its fib lines...so we'll see what happens with this bearish movement.
Second thought -- Matic may be following BTC's trajectory. In that case, watch BTC's chart as well as Matic if you're in the trade.
I'll update again as the price action unfolds!