Long

MATIC breaking out of wedge.

Updated

S1 supported by High volume node on our Volume Profile to the right and also .236 fib retracement. Stop loss 5% below here.

R1 is where we have our 26 EMA(purple line) acting as resistance. Also an area with significant support in the past.

R2 Our 50 SMA (greenline) and also our .382 Fib retracement.

BE AWARE, MATIC has a inverse relation with BTC. When BTC breaks out to the upside, MATIC goes down and vice versa.

Note

Update on Daily Chart.

Note

We're reaching our target of 150 Sat due to BTC breaking to the upside again. If BTC continues to go up, we could see MATIC revisit 120 Sat area. If BTC goes higher than 14k, then we could see 100 sat MATIC. Just risky to get into ALTs at these times but with the right timing and the reward would be great.

Note

Going to our 1 Day chart,
I've updated my blue dotted trend line that I had missed in my previous analyst according to price action and is now our main resistance for this descending wedge. Our Previous S1 failed support and is now our R1 resistance. Matic continues to fail to get above our EMA's(yellow and purple line) thus continuing it's downtrend. At the moment we have the red dotted line as support with the green dotted line as a bigger support in the descending wedge.

Here's MATIC on the 4HR chart with a clearer perspective on red dotted line support at the moment. MATIC is consolidating for some price action soon.

Most of MATIC's recent price movement is a reflection of BTC's price action. Look at how they inversely correlated in the chart below. So until we can find BTC's top, that's when we can most likely find MATIC's bottom.

Detective_Conan

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.