Cryptocurrency market heats up strong along with global exchanges this Tuesday and Wednesday. Risk appetite has increased with the predictability given by the director of the FED and traders are already much more excited to take risk in the cryptocurrency market.
Analyzing Bitcoin chart see Figure popular wedgein at least three different scenarios.
From left to right, see a yellow wedge in the middle of the bullish cycle, followed by the red wedge that marked the end of that same cycle; then you see at the bottom of prices, the GREEN wedge. Lots of attention here! It makes at least 5 primary moves inside the wedge and breaks up. What do we see next?
We see that the breakout of the green wedge starts a new bull run, which we have seen from 28k to 70k. It was followed by the yellow wedge and again by the red wedge ending the cycle. What do we see next?
Again the green wedge! She has already made 3 of the same primary moves as the previous green wedge. Following this pattern, we would have one more touch at the top of the green wedge around 45k and a return close to 38k before the wave that breaks the wedge.
Final considerations: It is evident that this is just a study of the pattern already seen in the market and could obviously fail if global markets continue to show weakness and cause a great depression.
On the other hand, if this study is correct, in view of this pattern presented, I believe that the breakout of this wedge in which the price is, will be the start for the NEW BULL RUN! ( See the graphic in full ).
Polygon (formerly called Matic Network) is the first easy-to-use, well-structured platform for scaling Ethereum and infrastructure development. Its main component is the Polygon SDK, a flexible, modular framework that supports building various types of applications.
Using Polygon, one can create optimistic rollup chains, ZK rollup chains, autonomous chains or any other kind of infrastructure required by the developer.
Polygon effectively turns Ethereum into a full-fledged multi-chain system (known as the Internet of Blockchains). This multi-chain system is similar to others like Polkadot, Cosmos, Avalanche, etc. with the security advantages, vibrant and open ecosystem of Ethereum .
Furthermore, it is a scalable Layer 2 solution backed by Binance and Coinbase. The project seeks to spur mass adoption of cryptocurrencies by solving scalability issues on many blockchains.
While every crypto market is in decline, in many cases in a downtrend, we have an important cryptocurrency that is making a move against these achievements. ( See more from MATIC ).
Watching an asset within a bull channel and looking for purchases close to its trend line are usually a great option!
I believe that “Polygon” (MATIC) tokens can soon unlock a lot of value, being one of the main second layer solutions of the Ethereum (ETH) network, aiming to solve the network scalability.
My expectation for the asset is the continuation of the upward movement, within this channel. Buy on the LTA + bullish divergence on the OBV. ( See more from MATIC ).
Doing a technical analysis of Ethereum, I verify that the movement is FORECAST, according to the market MOVEMENT based on Elliot's Theories, with a previous movement analyzed within the accumulation, and an uptrend along. Reversal moment, after this fall, the market respected the limit of the second wave. ( More details in PivotChart ).
Disclaimer : The analyzes presented here are studies only. They are not investment, purchase or sale recommendations, nor do they reflect the opinion of the media vehicle in which they are published. These are studies aimed at people with knowledge and experience in the financial market.
Our Authors: Gustavo Correa , Lucas Bento Sampaio , Leandro Sander and Adrfs2577 .
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