MATIC Network - Long Setup.
We can see on the Daily chart that we are on a bullish trend, as we are able to see HH's ( Higher Highs) and HL's (Higher Lows). According to the Elliott Wave, we find ourserlvs in the 5th wave which is an impulsive wave. According to this information, we used Fibonnacci to measure where the price might head towrds in this specific wave. We belive that the price has a chance to get to 2.5 - 2.6. According to the analysis provided.
There is still a chance that the price will get to aprox. the previous high (3) and make a double top pattern. So if you intend to go long, as we mentioned, be careful at that level ( 2.2), there is a possibilty for a trend reversal there, so it is advised to take a part from your profits.
We can see on the Daily chart that we are on a bullish trend, as we are able to see HH's ( Higher Highs) and HL's (Higher Lows). According to the Elliott Wave, we find ourserlvs in the 5th wave which is an impulsive wave. According to this information, we used Fibonnacci to measure where the price might head towrds in this specific wave. We belive that the price has a chance to get to 2.5 - 2.6. According to the analysis provided.
There is still a chance that the price will get to aprox. the previous high (3) and make a double top pattern. So if you intend to go long, as we mentioned, be careful at that level ( 2.2), there is a possibilty for a trend reversal there, so it is advised to take a part from your profits.