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MATIC sitting on support, another run?
Hello 👋
MATIC broke out of descending channel.
Ran up to 0.425 where it saw heavy resistance (red zone) causing a significant retrace. Popping on Fib - it looks to be a 0.5 retrace.
Currently it found very strong supports at the 0.35-0.36 zone with
1. horizontal support zone (green)
2. current bull run trend line (in red)
3. EMA 50 currently at 0.355 and EMA 20 at 0.36
I anticipate this support to hold. A green 4H candle should validate it. And if BTC continues to remains in its bull channel, MATIC will likely make another run.
This is a good long entry for a RR of 4 with SL at 0.345 (right below 0.618 Fib retrace) and 1st target of 0.42, where if I were to swing trade, I would take 50% profit.
This is pure TA for your entertainment and in no way a financial advice.
Have a good day!
MATIC broke out of descending channel.
Ran up to 0.425 where it saw heavy resistance (red zone) causing a significant retrace. Popping on Fib - it looks to be a 0.5 retrace.
Currently it found very strong supports at the 0.35-0.36 zone with
1. horizontal support zone (green)
2. current bull run trend line (in red)
3. EMA 50 currently at 0.355 and EMA 20 at 0.36
I anticipate this support to hold. A green 4H candle should validate it. And if BTC continues to remains in its bull channel, MATIC will likely make another run.
This is a good long entry for a RR of 4 with SL at 0.345 (right below 0.618 Fib retrace) and 1st target of 0.42, where if I were to swing trade, I would take 50% profit.
This is pure TA for your entertainment and in no way a financial advice.
Have a good day!
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