✳️ Polymesh Correction Beyond 100%... This Is Good

AlanSantana Updated   
Polymesh produced a strong bullish wave between August and October 2023. This wave was corrected beyond 100%.

All gains plus some more were erased and thus POLYXBTC is trading at new lows. In fact, the current action now is lower than the lowest price we had back in June, July and August 2023. This is good.

When a pair moves beyond the stop-loss, the last low or main support, it tells us that all the weak hands were removed. Actually, even some strong hands are likely to fold with such market conditions but this is good.

This is good because there is nobody left to sell and liquidity can be found by moving up.

The RSI bottomed June 2023 so we have a very strong bullish divergence, one that is more than eight months old.

The bottom line is that Polymesh is preparing to grow.
Once we hit bottom, the only place left to go is up.

Warning: There can be one more drop or shakeout before the next bullish wave. While at this point this is a low probability scenario it can still develop, so be prepared.

I personally like to buy and hold strong.
I can wait for weeks, months and even years... But a few weeks is likely to be more than enough.

This is really good what we are seeing.

We have a break above EMA100 with a very strong green candle.
This is the strongest candle since October 2023 when the last bullish wave took place. This tells us that a new bullish wave is approaching. Can be bigger or smaller than the previous one. My guess is that it will be bigger.
First target hit (+140%).

We are likely to see more.
Make sure to follow a selling for profits strategy as the market moves according to your expectations.

Enjoy the profits.

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