POLY getting to possible accumulation prices
I've been keeping an eye on POLYBTC for the past few weeks to seek a good price point to add to my position.
Looking at the chart we don't have a lot of trading history, but we can see that the price has been moving in a larger almost symmetrical triangle like most of the crypto market. However, the triangle in this case it tipped slightly downward, which is a positive indicator.
You'll also notice that with the shorter term price movement, we appear to have been in a bit of a rising wedge pattern, as it has been narrowing in an upward direction. Price has now fallen out of the wedge and seems to be continuing it's downward movement.
I've narrowed down three zones where I would likely be a buyer. The least attractive zone is the pink box between the double bottom price from 5/24 and the 50% fib retrace line from the all-time high.
Next, we have the red triangle area below the 50% fib line and the long term uptrend line.
Finally we have the dark red box which is the most attractive buying zone. This area would only be valid if the market does a bigger retrace as it is wedged between the EMA50 and the 61.8% fib retrace.
I regard POLY as a long term hold, so I have no target prices for selling at this point. Based on market movement I may post another chart when prices approach a good selling area where I may begin to unload my position.
Looking at the chart we don't have a lot of trading history, but we can see that the price has been moving in a larger almost symmetrical triangle like most of the crypto market. However, the triangle in this case it tipped slightly downward, which is a positive indicator.
You'll also notice that with the shorter term price movement, we appear to have been in a bit of a rising wedge pattern, as it has been narrowing in an upward direction. Price has now fallen out of the wedge and seems to be continuing it's downward movement.
I've narrowed down three zones where I would likely be a buyer. The least attractive zone is the pink box between the double bottom price from 5/24 and the 50% fib retrace line from the all-time high.
Next, we have the red triangle area below the 50% fib line and the long term uptrend line.
Finally we have the dark red box which is the most attractive buying zone. This area would only be valid if the market does a bigger retrace as it is wedged between the EMA50 and the 61.8% fib retrace.
I regard POLY as a long term hold, so I have no target prices for selling at this point. Based on market movement I may post another chart when prices approach a good selling area where I may begin to unload my position.
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