Polygon MATIC Price News Today – Elliott Wave Technical Analysis Update, This is Happening Now!

Polygon MATIC Price News Today - Elliott Wave Technical Analysis Update, This is Happening Now!

Foreign Video about polygon Matic so yeah sorry I couldn't uh couldn't really keep up With updating yesterday and today So technically this could still be a Fourth wave that we're putting in but Before we get to the details let's zoom Out a little bit generally speaking Medic is still one of the best shots out There even the latest dip doesn't change Anything here Um If you compare it with other coins other Coins are so close to making a new bear Market low uh whereas here we still have To drop massively to actually come close So to make a new bear Market we need to Drop a whopping 63 percent so um yeah as I emphasized in recent weeks it's good To focus on high quality charts yeah but Even some of them are currently breaking Down you know as you know there is never Certainty in these markets and Obviously we had a bit of a Black Swan Event or a bit is maybe a little bit too Too um too nice but it's it's been a Massive event here that keeps prices Dropping at the moment Um my view hasn't changed though of the Medic chart so still hear this as a wave One and this is a wave two and we're now Possibly in the third wave this Assumption gets challenged as this Current drop is quite strong

Um So obviously you know what's going on in In crypto at the moment is more of a Fundamental event so ongoing Trends Ongoing Um Wave patterns can be distorted can be Stretched a little bit so we take a look Now at this third wave in the third wave The current assumption is still that This year's wave one a wave 2 coming Three up four down five up Um obviously we've dropped now Significantly there is there is Especially at the moment where we still Have a little bit of an unclear Fundamental situation by the way the the Usdt seems to be debacking at the moment As well which is basically if that Happens now as well and they can't Recover it again or get the pack back Then Um This would be the perfect storm right And then this is going to come down hard As well of course you know but um so It's an extremely risky time to be in The market again more important than Ever the importance to you stop losses Um or move it onto your own treasure or Ledger if you want to hold long term These are the two ways of doing it right So either or let's say three aspects of Risk management of four four aspects of

Risk management first aspect is Decentralized on exchanges so not only Use one exchange the second aspect is to Use a stop loss the third one is to Limit your position size if you leave Your trade a little bit more space but No stop loss at all is not really what I Would recommend Um oh yeah another aspect use no Leverage or only limited leverage and Then if you want to hold long term And then just be very picky about your Altcoins you choose especially in a bear Market and move them onto a letter or Trezor you know these are the points Really and then you should be doing what You can well you've done what you can do Really to protect yourself But the Assumption now is that yeah we Are still here in this first wave at the Moment even though this move down is Quite hard but I still give you the Benefit of the doubt because we are Holding the wedge at the moment this Ascending broadening wedge or you could Call it a leading diagonal so when we Came down I gave you here a support area That would have been the most likely Area to find support I think it probably Could have done it Um without the let's say Black Swan Event from yesterday so this obviously Is you know stretched further here a Great example how estop loss would have

Protected you because a stop loss could Have been set just below a dollar and Then you could now buy back lower or you Know just sort of sit on the sidelines I Think until things have calmed down a Little bit So I take this one out now because it Has been invalidated now however as I Said in previous videos Um it could still be a way for if we Come down lower because it can be Counted as a diagonal pattern so a cut Or a cross between waves one and four Doesn't really matter to be fair they Haven't even crossed yet but I count This as a diagonal pattern so that is a Very strong way for now And to be fair it shouldn't drop much Lower if it loses this if it loses the Support here in the wedge and by the way This is also the 50-day moving average Here in yellow then I think we have a Really good chance to get back into the Wider support area which is basically Put it on the chart for you Which is basically this area here yeah Going all the way down to 47 cents I did Say to you before that there isn't Really anything exactly bearish on this Chart until we drop below 47 cents and This is still true yeah Um so at the moment as I said the Assumption is still that we are in a Third wave but should we lose this

Support in this wedge then I think we're Going to come down and retest you the 68 Cent level and then we have to Understand that this could very well and Be just the wave two The Wave 2 was Never finished the Wave 2 is sitting Here but again all of this would still Be part of a higher level bullish Scenario medic one of the few really Good shots out there still is also Holding really well at the moment of Course it's coming down but it's so far Away still from its roon low so yeah at The moment I mean we are now obviously Oversold but a lot of coins are Um It's an extremely uncertain or we're not Even oversold on the on the um on the Four hour chart On the one hour we are now yeah so on The four hour I think we we soon will be Um on the daily chart also not really Yet so this still leaves room for Further downside but it also shows the Strength of the coin so it just shows That we were kind of Overboard right Um I mean you remember it did rarely Massively and we expected a setback now It did come down a bit stronger than Expected even though we recognized it Could hit the support of this wedge Could still be a way for but now we had A makeup breakpoint so if we lose this Level I think it can easily come down to

68 cents this would also be the wider Area where I will accumulate so there's Two areas where I would accumulate Either here Yeah or here in wave 2. This is sort of these are the two areas A few days ago I took profits at I think 1.11 before it did another jump but and I made you aware Um but I'm I'm comfortable now sitting You know just having taken some profits Obviously in the latest Spike because Things were getting exhausted yeah they Were getting exhausted we were Overbought obviously and we had this Massive rally you know in a third wave We're still looking at the y5 to come Because this would act this was actually A bit too strong to consider that a Fifth wave so yes still waiting for the Fifth wave but I want to see now how the Price is going to react to here then I Will maybe do another update later today But the two options are either ready now In the fifth wave now that would need to Be a massive rally because in an Broadening ascending wedge you would Want to get above the wave three This is now yeah obviously this is now Starting to get a little bit less Realistic So we have to really understand that we Could be on our way into this yellow Support area so there's two areas where

I will buy either here Or in a wave 2 support area but to Determine are we already in Wave 2 only Possible if we consider this here A truncated wave not really ideal yeah Nothing I would really emphasize so Again we are now at support we have a Chance to Rally higher if we do I think There isn't much resistance along the Way maybe a little bit here at 96 97 Cents around the dollar mark And then here around 130 and then we Could do the wave five of one not too High confidence anymore not with the Uncertainty that we currently have in The market please whatever you're doing Um Be very careful yeah Be very careful in the current market Environment I think it's good to just Let it settle a little bit let the dust Settle see where we are Um we get some recovery at some point Because a lot of coins are now oversold But is it really is it really the end of This Black Swan event we don't know There's fundamentally a lot of stuff Going on and tomorrow we've got the CPI Data release which won't make the week Easier honestly but yeah the trend is Generally still up but short term we can Come down into this support area and There isn't really anything bearish on This chart until we drop below 47 cents

That's really all I can tell you and Then we can make it to around 1.80 here In the third wave to the upside okay That's my update about medic hope you Like the update if you did please hit The like button leave a comment and Subscribe and if you really like the Content please check out the channel Membership thanks a lot for watching bye Thank you

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