Hi Traders!
Today we look at MATIC/USD. Matic is a new cryptocurrency that passed through the Binance Launchpad. The coins that have gone through the Binance Launchpad have quite similar charts and the big point is that they usually start to grow among the altcoins first.
Matic is also marked by a decline, and although we have seen slight growth in the last few hours that could be plotted into 5 waves, the decline may not yet be at the end, as we are below the trend resistance. In the analysis of the higher time zone, however, we came to the key support and the final zone, so the point of entry was ideal. We are currently expecting ABC correction and then breaking the trend resistance. Looking at the graph in more detail, the breakthrough might well be based on the 3rd subwave in 3rd wave.
Elliot's wave theory tells us that the third wave is often the longest one, never the shortest, and usually breaks the RSI into the extreme zone and has a high volume. To put it simply, if you see a pump or break on the chart, then it is 95% 3rd wave. Logically, therefore, 3rd subwave in 3rd wave is the longest and most impulsive. So Matic looks like preparing land for a break. Coin rarely breaks such a strong resistance for the first time, and therefore it usually happens that coin arrives at the resistance and bounces downward to recharge and then break. This is our bullish scenario.
May the crypto be with you!
Today we look at MATIC/USD. Matic is a new cryptocurrency that passed through the Binance Launchpad. The coins that have gone through the Binance Launchpad have quite similar charts and the big point is that they usually start to grow among the altcoins first.
Matic is also marked by a decline, and although we have seen slight growth in the last few hours that could be plotted into 5 waves, the decline may not yet be at the end, as we are below the trend resistance. In the analysis of the higher time zone, however, we came to the key support and the final zone, so the point of entry was ideal. We are currently expecting ABC correction and then breaking the trend resistance. Looking at the graph in more detail, the breakthrough might well be based on the 3rd subwave in 3rd wave.
Elliot's wave theory tells us that the third wave is often the longest one, never the shortest, and usually breaks the RSI into the extreme zone and has a high volume. To put it simply, if you see a pump or break on the chart, then it is 95% 3rd wave. Logically, therefore, 3rd subwave in 3rd wave is the longest and most impulsive. So Matic looks like preparing land for a break. Coin rarely breaks such a strong resistance for the first time, and therefore it usually happens that coin arrives at the resistance and bounces downward to recharge and then break. This is our bullish scenario.
May the crypto be with you!