---- Mid-term Analysis for the next coming 4 weeks to 3 months - Daily on Daily Chart (LOG)-------
MATIC/USDT: Key yearly support tested - Direct rise still valid
Context
- The Global Crypto market leads by BTC and ETH is still evolving within a bearish market configuration. Like the others digital assets MATIC suffered about negative global market situation and did a test of the long-term yearly support at 0,41
- However we are focus on a direct rise now on this coin and we expect a fast and quick recovery regarding technical elements provided by the interpretation of the Elliott waves .
Previous analysis :
Market configuration
- Graphical Elements :
Graphical Resistance = 0,66 & 1,26
Graphical Support = 0,25 & 0,042
- Mathematical Indicators:
EMA ( Exp Moving averages) are still capping the market at 0,66 = Bearish
RSI indicator (below) is bouncing off key support with divergence = Bullish
- Elliot & Harmonic Wave (Fibonacci):
Fibonacci Target C (B) has been already reached = 0?41
Fibonacci resistance of the wave in progress = 0,66
Fibonacci support of the wave (c) (B) (max extension) = 0,32 (auto-similar move - excess)
Fibonacci Bullish Target = 1,26
Conclusion
Preferred case => Regarding the mid-term element, MATIC is offering the perfect entry area for DCA or short-term recovery as long as 0,32/0,41 remains a support area valid, a break above 0,66 will confirm a rise to 1,26
MATIC/USDT: Key yearly support tested - Direct rise still valid
Context
- The Global Crypto market leads by BTC and ETH is still evolving within a bearish market configuration. Like the others digital assets MATIC suffered about negative global market situation and did a test of the long-term yearly support at 0,41
- However we are focus on a direct rise now on this coin and we expect a fast and quick recovery regarding technical elements provided by the interpretation of the Elliott waves .
Previous analysis :
Market configuration
- Graphical Elements :
Graphical Resistance = 0,66 & 1,26
Graphical Support = 0,25 & 0,042
- Mathematical Indicators:
EMA ( Exp Moving averages) are still capping the market at 0,66 = Bearish
RSI indicator (below) is bouncing off key support with divergence = Bullish
- Elliot & Harmonic Wave (Fibonacci):
Fibonacci Target C (B) has been already reached = 0?41
Fibonacci resistance of the wave in progress = 0,66
Fibonacci support of the wave (c) (B) (max extension) = 0,32 (auto-similar move - excess)
Fibonacci Bullish Target = 1,26
Conclusion
Preferred case => Regarding the mid-term element, MATIC is offering the perfect entry area for DCA or short-term recovery as long as 0,32/0,41 remains a support area valid, a break above 0,66 will confirm a rise to 1,26
CIO & Head of market research (Automata - Akt.io)
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