I will always be first to raise my hand and say, "maybe I drew that one wrong"
Because of the price action overnight in Matic, I woke up very excited to revise this chart and draw a new backwards Fibonacci retracement box. I will be the first to admit if my initial posts from earlier this week were incorrect, and actually I hope they are! Because this chart revises both the breakout target and the Fibonacci extensions to more aggressive targets. A sneaky, cheeky trendline has appeared and I think it might be right. In the drawing above, I changed the Fib 1.0. to 2.83 (the high on May 18) instead of the 2.44 I had been using. It's a more traditional charting technique to take that high wick anyways. So that presented new Fib levels and a new trendline. The aggressive accumulation on the last few days looks like other pre-breakouts I have seen. Any close above 2.44 busts my initial prediction of an Xmas breakout and I would be more than happy with that. Dec 7 is more exciting anyways. My thoughts today while I sit at work drawing charts are: have I accumulated enough? Should I roll other coins into Matic? Is a more aggressive trendline more realistic?
Have fun, best of luck. Let's see what happens!
Due your own due diligence. Not financial advice. Just pretty pictures. Have fun.
Because of the price action overnight in Matic, I woke up very excited to revise this chart and draw a new backwards Fibonacci retracement box. I will be the first to admit if my initial posts from earlier this week were incorrect, and actually I hope they are! Because this chart revises both the breakout target and the Fibonacci extensions to more aggressive targets. A sneaky, cheeky trendline has appeared and I think it might be right. In the drawing above, I changed the Fib 1.0. to 2.83 (the high on May 18) instead of the 2.44 I had been using. It's a more traditional charting technique to take that high wick anyways. So that presented new Fib levels and a new trendline. The aggressive accumulation on the last few days looks like other pre-breakouts I have seen. Any close above 2.44 busts my initial prediction of an Xmas breakout and I would be more than happy with that. Dec 7 is more exciting anyways. My thoughts today while I sit at work drawing charts are: have I accumulated enough? Should I roll other coins into Matic? Is a more aggressive trendline more realistic?
Have fun, best of luck. Let's see what happens!
Due your own due diligence. Not financial advice. Just pretty pictures. Have fun.
Comment:
Looking good! The plunge last night to 1.72 hit the 0.5 perfectly and bounced right back up. Probably the last chance to get the inside crowd in at a cheap price in advance of the run.
Comment:
What a wild 24 hours. The computers worked really hard here in the last 10 minutes of the day to hold the price steady and close the candle at $2.28 at 4pm PT. $2.28 is a point of significance. While it is not the Fibonacci 0.786 level, it is the 0.75 level on the Gann box. (if you draw a Gann box from the high on May 18 to the low on Jul 20) My prediction from here is that the Gann box and Finonacci retracement box are almost complete. In the next two days I am looking for a move back to the all time high of $2.80 which is the Fib 1.0 and a 24% move higher from today's close. What will tonight have in store for us... a plunge down to the 10 day moving average of 2.03 or perhaps lower to the Fib 0.618 at 1.98 before moving up to the $2.80. Let's see.
Comment:
It's 4pm PT and the price closed right at the 0.786 Fib level.The volume today looked heavy, but the computer bots worked overtime to keep the trading range so tight between the 0.75 Gann level and 0.786 Fib level. The volume looked so fake today that I had to google it and found some disturbing news. From Nasdaq.com, "A recent Coindesk report featured a Russian college student who has set up a business that essentially helps exchanges fake their trading volumes by creating accounts manned by bots that trade constantly amongst themselves." Take a careful look at these volume bars. Ya, sorry folks but it looks really bad today. Matic might breakout, but it will be when the computer bots let it.
Comment:
Pretty uneventful day. Maybe tomorrow's announcement of zk will make it pop.
Comment:
7am PT - price bouncing between 10dma and upper bollinger band. When is this press conference?!
Comment:
4pm PT. Candle closes at $2.09. I thought we'd see a close at $2.13 which is the 10dma. Strange closing price as it doesn't really sync up with any market geometry. My trendline up to a Dec 7 breakout is busted, but the next one looks good. A strong line up from the Fib 0 to $2.80 touches the top body of the candle on Oct 28. (the Dec 7 trendline was using the wick). Today's announcement was that Polygon was acquiring Mir Protocol for $400M. Anyways, I will sit back and relax until the 12th.
Comment:
4:41pm PT: My chart is busted. My prediction is busted. Didnt work out like we thought. No breakout. The volume looks super fake btw
Comment:
4:22pm PT Matic closes right on the 10dma. My new and revised trendline shows $2.80 reached on Jan 30. But nobody is probably reading anymore. I will draw the Gann Box once the pattern is complete and we can review how it was devised and how we could have seen it earlier.
Comment:
I am still really keen on the trendline that finishes on Jan 30. I wont post it yet, but if you are reading this I will give the coordinates. Draw a Gann Box - put your starting 0/0 on Jul 20, 2021 at the bottom wick at $0.617. Extend the Gann box trendline and stop it on Jan 30, 2022 at $2.81. Add all the "angles" in the settings function of the Gann Box... and.... magic.