MATIC - The one token to avoid in 2024
Updated
Last year I wrote the idea:
“MATIC - The one token not to hold in 2023”
It was not a popular opinion. Link to idea below. At the time price action was at 97 cents. Down 13% currently in what was arguably one of the most bullish years for markets those past 30 years.
What of 2024? Nothing good. A weekly death cross is almost certainly going to print by the month of February.
A weekly death cross does not mean price action shall correct immediately, however it is a strong indication of a continuing trend.
At the same time a bearish divergence can be seen as price action appears to recover broken market structure. The 3-day chart below shows this divergence more clearly.
Is it possible price action continues upwards and onwards? Sure.
Is it probable? No
Ww
3-day chart negative divergence
“MATIC - The one token not to hold in 2023”
It was not a popular opinion. Link to idea below. At the time price action was at 97 cents. Down 13% currently in what was arguably one of the most bullish years for markets those past 30 years.
What of 2024? Nothing good. A weekly death cross is almost certainly going to print by the month of February.
A weekly death cross does not mean price action shall correct immediately, however it is a strong indication of a continuing trend.
At the same time a bearish divergence can be seen as price action appears to recover broken market structure. The 3-day chart below shows this divergence more clearly.
Is it possible price action continues upwards and onwards? Sure.
Is it probable? No
Ww
3-day chart negative divergence
Trade active
MATIC longs may believe price action is about to repeat 2021, however the chart is simply not supporting such an outcome.On the monthly MATIC.btc pair price action has confirmed resistance on past support with a bearish engulfing candle.
Monthly
Note
A weekly death cross prints Note
"Hey WW, I've been long since you posted I know your wrong the fundamentals are so strong... do you think your matic idea is void when Bitcoin goes to 78k as in your idea?"No. Next.
Fundamentals. Sigh... imagine sitting on an asset for the last 6 months that as moved no where during the most amazing bull market we've seen in years. LTC holders you know what I'm talking about.. ;-)
On the monthly chart below price action prints a new monthly bearish engulfing candle. Abandon ship! Saves yourselves!
Monthly
Note
A whole year and a "name change" later, same price.
Utterly awful.
Trade closed manually
"MATIC - The one token to avoid in 2024"
Imagine being long and in this ponzi and watching your holding drop 70% as the stock market rips up 45% in the same period?
BTC
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Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
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