Hi, friends hope you are well and welcome to the new update on the Matic network. In my previous article, I shared the Matic network with US Dollar and Matic with Bitcoin pair ideas. Where the Matic Network formed different harmonic moves in both markets and below were the ideas.
Matic Network with USD:
Before execution:
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After execution:
Matic Network with Bitcoin:
Before execution:
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After execution:
Up and down channels:
Now if we watch the current move of price action on the daily chart. Then it can be noticed that price action of the Matic network was moving in an up channel. But on the 12th of June, the priceline of Matic broke down the support of this channel and started the formation of a down channel. At this time the price action is likely to break out the resistance of this new channel. But so far no candlestick has been completely opened and closed the above the resistance of this pattern.
Strong supports of SMAs on the long term and Wedge pattern:
I am expecting that this breakout from the channel will be confirmed soon because if we switch to the long-term weekly chart then the priceline is also moving in a wedge pattern and trying to breakout the resistance, moreover the price action has immediate supports of 25 and 50 simple moving averages as well. And on week chart these moving averages are very strong supports. Therefore we can also set these SMAs as stop loss.
A very big bullish Gartley move:
Now if we watch on the very long term in 2-month chart. Then the Matic network with bitcoin pair has formed a very big bullish Gartley pattern and entered in the potential reversal zone. The priceline can move from potential reversal zone up to the sell zone as I have defined as per the Fibonacci sequence of the police Gartley pattern and this can be up to 200% bullish rally:
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The targets can be as below:
Potential reversal zone or buying zone: 0.00000249 to 0.00000161 btc
Fibonacci projection or sell zone: 0.00000320 to 0.00000485 btc
Conclusion:
Even though the Matic network has started its move in the down channel. But it is also moving in a potential reversal zone of a very big bullish harmonic pattern. Therefore we can expect that the priceline will breakout the resistance of the channel very soon. However we can set our stop loss at support the channel or we can also use the potential reversal zone of the Gartley pattern, and the moving averages on a weekly chart also can be used for this purpose.
Note: This idea is education purpose only and not intended to be investment advice, please seek a duly licensed professional and do you own research before any investment.
