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.
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.
Comment:
Not fun version. I like MATIC. I used to use it heavily. I would definitely buy the double bottom.
Comment:
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.
Comment:
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.
Comment:
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.
Comment:
If you wanna be conservative about your bearish target, 0.54 is the one.
Comment:
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.
Comment:
Stopped :D I am holding very little part of the short. Will close all ~1.185.
Comment:
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.
Comment:
Next target is easily 1.47 in that case.
Comment:
Well, you should show us strength MATIC. Why would you get rejected there if you were so bullish to break a massive bearish setup?
Comment:
Ok let's go then.
Comment:
Will the range hold or was it just a big noise?
Comment:
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.
Comment:
Reaccumulation or distribution? Time will tell.
Comment:
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.
Comment:
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?
Comment:
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.
Comment:
Like this. Nothing crazy.
Trade closed manually:
Ok i'm out ~1.029 lol. Quick one.
Comment:
Good bounce tho. It can go much more.
Comment:
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/im...7631954895112336.png
d.stockcharts.com/im...7631954895112336.png
Comment:
I'm considering to short in case of a good correction tbh.