We looked at MATICBTC as the "Perfect Bull Run Example", you can see it all here:
After such a strong run, lots of people are wondering what will happen next...
For MATICBTC a strong correction followed, this is normal after a strong bull run... Now, let's take a look at why this correction might be over...
Feel free to hit like now if you want to show your support... Let's get started!
MATIC Network (MATICBTC) Correction Over
First, we can notice that MATICBTC retraced by almost 80% from its all-time high. Normally we see an 80% retrace after a strong bull run... This point has been met.
ABC correction complete. We can a classic ABC correction wave completed.
MATICBTC's price went just below the 0.786 Fib. retracement level from the last bullish wave.
Additional signals:
RSI hit oversold and bounced strongly; now sitting on the bullish side.
MACD bullish crossover.
Trading above EMA10 and EMA100.
Increasing trading volume.
All the signals above are pointing to the and of the correction... Bullish action might follow... Targets and support levels detailed on the chart.
Enjoyed this content? Hit follow, like or leave a comment...
Hello Alan! I've been thinking about MATIC since yesterday. Completely agree with you, I think it's about to do a big reversal.
I'm relatively new to TA (as you might remember in a previous conversation). I was thinking that placement of the fib tool is SO important. Analysts often place at the tops of wickes. But look what happens when it's placed at the double top/candle body (strongest resistance?)....perfect retracement to .786 EXACTLY. What I've observed is the math is extremely reliable. We have to understand/unlock its logic.
AlanSantana
⋅
@moneypenny275, Thanks a lot for sharing. I used to use this method in the past, will try it again and see what results I get...
Thanks a lot for sharing.
Namaste.
moneypenny275
⋅
@alanmasters, Thank YOU! I have much respect for you.
@moneypenny275, i think it's just a probability, if you look at maticusd/dt this rule didn't apply, price bounced close to 0.5.. so the only thing that's actual math is, bounces more often than not happen at key fib levels... which one it will be? who knows? but still, chances are higher so that's something worth knowing.
moneypenny275
⋅
@rhasan1987, I know! right?! that's what makes this so frustrating This is just a theory but, somehow I think Fib is working perfectly in all the altcoins. Fibonacci patterns are everywhere, in sea shells, in sunflowers, in pine cones but the all look different yet the math is the same. I think the same might be true for these charts. It's a matter of seeing how the fib pattern is written into that coin. That's why all these charts look the same but, different. Anyway...just a thought.
I'm relatively new to TA (as you might remember in a previous conversation). I was thinking that placement of the fib tool is SO important. Analysts often place at the tops of wickes. But look what happens when it's placed at the double top/candle body (strongest resistance?)....perfect retracement to .786 EXACTLY. What I've observed is the math is extremely reliable. We have to understand/unlock its logic.