๐บ MATIC created an inverse head and shoulder pattern ๐บ
Hello traders
in the above picture , we can see that MATIC created an inverse head and shoulder pattern , but important thing is that , at the point of the break out MATIC have huge volume , so we can count this as legitimate break out from the pattern .
also price already try to retest the neck line as a new support , so it's very important for MATIC to hold above the neck line ; but before MATIC goes higher need to break the daily resistance structure and close a daily candle above it .
so what is the price targets for the MATIC :
1_ as you know the technical target of the inverse head and shoulder pattern , by using the basic technical analysis should calculate like this :
2_ but I like to use Fibonacci tools as a supplementary tools for finding best points for entry and exit , so we can use Fibonacci projection like this :
3_ also there is another way to calculate the price target of this pattern :
but as you can see , all of these 3 method points toward the same price target , so we can consider this price target as very strong resistance area for this pattern .
about long term price targets , I need more details to make decision about long term view of this coin .
๐บI hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for watching my ideas๐บ
in the above picture , we can see that MATIC created an inverse head and shoulder pattern , but important thing is that , at the point of the break out MATIC have huge volume , so we can count this as legitimate break out from the pattern .
also price already try to retest the neck line as a new support , so it's very important for MATIC to hold above the neck line ; but before MATIC goes higher need to break the daily resistance structure and close a daily candle above it .
so what is the price targets for the MATIC :
1_ as you know the technical target of the inverse head and shoulder pattern , by using the basic technical analysis should calculate like this :
2_ but I like to use Fibonacci tools as a supplementary tools for finding best points for entry and exit , so we can use Fibonacci projection like this :
3_ also there is another way to calculate the price target of this pattern :
but as you can see , all of these 3 method points toward the same price target , so we can consider this price target as very strong resistance area for this pattern .
about long term price targets , I need more details to make decision about long term view of this coin .
๐บI hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for watching my ideas๐บ