Polygon Pocketbook Reports
June 11, 2022 (approximately 7pm CST)
QUICK INTRO
Hello again! Last week, I discussed XCAD with you. I hope you made some quick funds from those key levels because it played out pretty well. When I discussed it, price was around $4.61 and it made a 14% move to around $5.28. Go back and read that story if you missed it. You can find it here: https://medium.com/@k_warrior/the-polygon-pocketbook-report-buy-xcad-7fffbe0bd9a
It has since corrected a bit. It’s still bullish however and still a good buy especially since an event is planned for later in the week.
YOU ARE STILL HERE
You have made it to Page 4 of the Polygon Pocketbook Report. You must really like it here and I’m glad to see you back.
Every report, I intend to share my thoughts about a particular coin or token on the Polygon ecosystem that we are looking at for a possible entry. I implore you to do your own due diligence and research. With this report, I hope that it helps you with your trading and investing endeavors.
Keep in mind, I do not consider myself a technical or a fundamental trader NEITHER AM I STATING THAT YOU SHOULD GET INTO ANY COIN AT THIS MOMENT OR EVER. This is not financial advice. Again, please do your own research.
CRYPTO BLOOD IN THE STREETS TODAY
Not to be morbid or gory, but if you have been paying attention at all to the crypto markets, you should have seen that Saturday, June 11 was a red day. The beginning of the new trading day (which starts at 7pm CST), it looked like a mass murder in the crypto streets. I even had to update my report so that you all can still see some key levels. So IF there was a coin you have been dying to buy, look no further…MAKE YOUR DAY.
But I digress…back to the coin at hand.
This coin had been trending for the last 7 days and 30 days. It is pulling back strongly right now (similar to the rest of the market) which is why the 1 Day time frame is red. (It is around -14% for the last 24 hours last time I checked )
SO….WHAT IS THIS TOKEN?
This one is Cartesi ($CTSI).
I have a trading buddy that brought this coin to my attention last year. I bought it and sold it later on, but not because of the coin itself. I didn’t really know what I was looking at and not as versed as I am today. I probably would have kept it on my watchlist to buy later. But….anywho, I’m making up for lost time now.
The $CTSI token was created by the Cartesi Foundation. Cartesi is an operating system for the blockchains, similar to Windows or MAC OS and it seamlessly bridges the gap between mainstream software and the blockchain. There was not an operating system for the blockchains until Cartesi and it is built by Linux standards. I’m not going to get too much in the weeds with computer talk, but Linux is a conglomeration of open source operating systems that is available and free for anyone to use and modify according to what their desired result is. Windows and MAC operating systems are commercial. Either way, you need an operating system in order to do most things internet related. If you have explored Web3 at all, that may be why, it still looks and feels pretty unfamiliar to you. The average person is accustomed to Windows and MAC applications. But, have no fear, Cartesi is here to help simplify most of this for developers and end users alike. And the best part is Cartesi can be used across multiple platforms: Ethereum, Binance, POLYGON, Avalanche, etc.
The Cartesi token is a utility token. It is used to incentivize those running nodes. Cartesi can also be staked and pays for the platform services.
HERE “WERE” THE TECHNICALS
(This has drastically changed but don’t worry, I will update you at the end so you can still use this report to your advantage)
This is a snapshot from around 810pm CST June 11, 2022 (the price and volume may be a bit off but the level of support remains the same):
$CTSI got as high as $0.2542 just today with an over 20% up move if you were able to catch it at its low. $CTSI’s ATH is $1.74 that it reached last May 8, 2021. It made an all time low of close to $0.10 in December of 2021 so it definitely has the potential to wick that again in this bearish market. It has spent a considerable amount of time around the $0.21 to $0.18 range in recent months and I do consider that area a strong level of support and resistance.
I believe if it crosses below $0.2038, you can be looking at a good short opportunity as it has surpassed the previous lower low from June 10, 2022. It is definitely giving bearish vibes as it is under most EMAs, except the 800 EMA. That is the reason I showed above in my table that there is a possible buying AND selling opportunity with this token.
Additionally, if you are an investor, I also believe it is a good token to have as this is a good and useful project that I don’t see going anywhere anytime soon. The blockchains need operating systems!
Currently, $CTSI is sitting in a 1 Hour order block. If it continues to go south, the next order block is about 4% further down and a strong level of support from a higher time frame s $0.2000. Keep in mind it is in an order block now so may find support at or near $0.2098 where it is dangerously close too now. Once it gets here, it may reject and be a nice setup back to the EMAs, because as of right now, the candlestick is bleeding down the chart. It has to correct at some point.
Personally, I’m putting an alert at $0.1986 (800 EMA) and $0.2085 as that is a level of support that I need to watch. Notice, I didn’t say I was taking a trade there necessarily. I have to evaluate and see what the market is doing according to MY rules. You need to do the same.
The trading group that I’m in provides a calendar based off historical data. It is supposed to be red today (Saturday evening, June 11, 2022-Sunday, June 12, 2022) but should be some swing opportunities into Monday.
QUICK UPDATE (as of 6.11.2022 935pm CST)
As I was writing the report, $CTSI blew right down to the 800 EMA level that I spoke about above. ($0.1986) It may still need to correct itself a bit more, but if it’s still going down, the next level of support that I have plotted is $0.1790. (It is currently already in oversold territory so be mindful.) RSI is sitting around 28. Cartesi has the potential to get as low as 25/23 RSI before deciding to head back up. There is buying and selling opportunities here.
What kind of trade would you like to do??
Let the community know in the comments.
CONCLUSION & GIFTS
That’s it for today.
I talked briefly about the amazing trading group I’m in. If you are interested, send me a message here so we can speak directly. It is a private trading group and I would like to make sure we can help you achieve your goals. As mentioned earlier, we already have a bias of what to expect because we get a report every month for crypto, stocks, futures, and forex.
Also, if you would like a crypto debit card to pay rent, mortgage, car notes and other bills using your crypto funds, click here: https://use.foldapp.com/r/L9YR43UV
They have a wheel of fortune where you can spin to win satoshis, a whole bitcoin, and other gifts daily. You also can get discounted gift cards using your Fold card. It is a win win and no cost to you. If you don’t have it, sign up using my link above.
Trade responsibly. DO NOT use money you can’t afford to lose.
This is not trading advice.
DYOR.
Have Fun and Happy Trading.
