MATIC → Polygon Pullback then Bounce to New Highs? Let's Answer.MATIC has been caught between a trading zone since November but has finally touched the Support Zone and bounced back above the Daily 200EMA. Should we long here?
How do we trade this? 🤔
The Support Zone was touched and a strong bounce led the price back above the 200EMA. We are currently hovering between the Daily 30EMA and 200EMA with no clear signals to buy or sell. The RSI is around 46.00 and above the Moving Average, another sign for a long position. The only thing we're missing is a solid Risk/Reward Ratio and a buy signal, which requires the price pullback a bit more before we can enter the market.
We ought to target at least a 1:2 Risk/Reward, but I believe we have the runway for a 1:3 Risk/Reward given the distance to the previous high of $1.092. Target the $0.735 price area for an entry and place a stop loss below the previous low in the Support Zone around $0.655, the first Take Profit at $0.815, and the final Take Profit around $0.975 or until you see a sell signal. Move the stop loss up to the entry price when Take Profit #1 is hit to lock in profits.
The first take profit is placed around the 30EMA zone since it may act as resistance. The second take profit is placed just before $1.00 where there has been a few failed attempts to break it since November.
💡 Trade Idea 💡
Long Entry: $0.735
🟥 Stop Loss: $0.655
✅ Take Profit #1: $0.815
✅ Take Profit #2: $0.975
⚖️ Risk/Reward Ratio: 1:3
🔑 Key Takeaways 🔑
1. Trading range after a bull run justified long bias.
2. Contact with the Support Zone followed by a bounce.
3. Price hovering between 30EMA and 200EMA, wait for pullback.
4. Look for long entry around $0.735 for a 1:3 Risk/Reward ratio.
5. RSI at 46.00 and above the moving average, supports long bias.
💰 Trading Tip 💰
It's reasonable to take half profits at the first resistance target in a long trade, or the first support target in a short trade. Using a 1:1 Risk/Reward Ratio for your first target, you can move your stop loss up to your entry price, locking in profits. This allows you to watch the rest of the trade execute without worry of losing money. This helps improve trading psychology and the equity in your account.
⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!
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1. Reading Price Action
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Maticprice
MATIC → Polygon Breaks Resistance! Should we Long or Short? MATIC has broken above the Previous Resistance Zone and is currently re-testing it as support. Is this a scenario where we enter a long? Or are we at the top ready to short?
How do we trade this? 🤔
We can play either scenario, but we need confirmation in one of the directions to have enough justifications to enter a trade. If the price comes back up and successfully tests the Support Zone, then it's reasonable to long scalp to the next Resistance Zone at $1.19. If we break below and re-test the Support Zone as resistance, it's reasonable to short scalp near the Support Line. Bitcoin is also at a crucial point in the market cycle, we need to see if it falls or breaks out to and above $46,000. Bitcoins direction could (and probably will) drag the alt market with it.
We need that confirmation to have enough probability to enter a trade. We're stuck in limbo without a clear direction at this point and should remain on the sidelines until more price actions prints on the screen.
💡 Trade Ideas 💡
Short Entry: $0.93
🟥 Stop Loss: $1.00
✅ Take Profit: $0.86
⚖️ Risk/Reward Ratio: 1:1
Long Entry: $1.065
🟥 Stop Loss: $0.970
✅ Take Profit: $1.160
⚖️ Risk/Reward Ratio: 1:1
🔑 Key Takeaways 🔑
1. Broke Above Previous High, Testing for Support.
2. If Price Falls Below Support Zone and Fails Re-test, Short.
3. If Price Rises Tests Support Zone and Closes, Long.
4. RSI around 61.00 and above Moving Average, Short-term Bias to Long.
5. Keep an eye on Bitcoins Price Movement as a leading indicator.
💰 Trading Tip 💰
Don't trade without clarity. If the price action isn't giving you favorable probability or optimal entries, don't trade it. You will be far wealthier by waiting on the sidelines.
⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!
Like 👍 and comment if you found this analysis useful!
MATIC → Ascending Triangle Breakout? Or Rejection to $0.60?MATIC (Polygon) is at a pivotal moment on the chart; follow-through with the Ascending Triangle and breakout to the upside? Or get rejected a third time and fall back toward the $0.60 level?
How do we trade this? 🤔
To justify a long, we need to break the Resistance Zone and test it for support. We're too close to Resistance to long now, the probability of profit is far too low and the stop loss would have to be placed too far away (bad Risk/Reward). After breaking the Resistance Zone, a protective stop should be placed just below it and a Take Profit at 1:2 Risk/Reward is reasonable.
A short position could be available much sooner if the price is rejected a third time at the resistance zone and falls beneath the Daily 30EMA. What we need is a sell signal bar and confirmation closing on or near their lows, below the 30EMA, and the RSI below the Moving Average.
Until either scenario presents itself, we should remain on the sidelines and watch the price action unfold.
💡 Trade Ideas 💡
Short Entry: $0.885
🟥 Stop Loss: $0.955
✅ Take Profit: $0.755
⚖️ Risk/Reward Ratio: 1:2
Long Entry: $1.017
🟥 Stop Loss: $0.937
✅ Take Profit: $1.177
⚖️ Risk/Reward Ratio: 1:2
🔑 Key Takeaways 🔑
1. Ascending Triangle, Bullish Pattern!
2. Strong Support on Daily 30EMA.
3. At Resistance Zone, Do Not Long Here!
4. RSI at 53.00 and Below Moving Average. Bias to Short.
5. Wait for break of resistance zone to Long. Short if Rejected.
⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!
Like 👍 and comment if you found this analysis useful!
Polygon [MATIC] will see more sell pressure below $0.9780Price action faced rejection at the bearish OB on the 2-hour chart at $1.0140 and dropped to bullish OB at $0.9854 (cyan).
A close below the support (cyan) and confirmed downtrend could push MATIC to $0.9515 ( a bullish OB on the daily timeframe).
The RSI and OBV dipped - buying pressure eased. But RSI was in a neutral position.
Entry: $0.9780 (below bullish OB)
Exit/target: $0.9515 (lower support)
Stop-loss: $0.9865 (above the bullish OB)
R:R - 3
#Polygon Prices Volatile; are MATIC Bulls readying for $1?Past Performance of Polygon
Like the rest of the crypto market, Polygon is moving within a narrow range and is bearish. Therefore, while buyers stand a chance, sellers may press on and force MATIC below multi-week support. Per the MATIC price arrangement in the daily chart, support lies at $0.701.
#Polygon Technical Analysis
MATIC prices are range bound at spot rates, anchored within the September 22 bull bar despite strong opposition to the upside. Primary support is at $0.701, marking last week's lows and flashing with the 50 percent Fibonacci retracement level of the June to August 2022 trade range. Technically, traders might find loading opportunities if prices are above $0.701, targeting $0.930 in the medium term. Conversely, sharp losses below this week's low may crush bulls, initiating a sell-off towards $0.60, the 61.8 percent Fibonacci retracement of the above-mentioned trade range.
What to Expect from #MATIC?
The crypto market is volatile, and so is MATIC. There are hints of strength, but the uptrend may hold if prices exceed $0.701. This may, in turn, fan demand, lifting the coin towards $0.930 and later $1 in a buy trend continuation formation.
Resistance level to watch out for: $0.930
Support level to watch out for: $0.701
Disclaimer: Opinions expressed are not investment advice. Do your research.
#MATIC Prices Steady above $0.75, Are Polygon Bulls Back?Past Performance of Polygon
Polygon found support on September 19. Prices are currently steady and at around $0.75, back in a trading range. Buyers stand a chance based on the MATIC price action in the daily chart. However, for buy trend continuation in line with gains of early Q3, prices must be firm above $0.75 and even reverse losses posted over the weekend.
#Polygon Technical Analysis
Buyers have a chance to reverse the current trend and force price action back to green. Presently, the primary support at $0.75 holds, and sellers have been rebuffed following encouraging gains on September 19. A confirmation of yesterday's gains, unwinding losses of September 18 as prices soar above $0.84, may be the basis for another leg up to September highs at around $0.93. This level should be the bulls' immediate target. However, if MATIC slips below $0.75, the coin may crater to $0.50, around the 78.6 percent Fibonacci retracement level of the June to August 2022 trade range.
What to Expect from #MATIC?
Buyers are upbeat after the rebound of prices on September 19. Still, there must be more assurance for a buy trend continuation. Gains above $0.85 could form a solid anchor for buyers targeting $0.93 and even $1 in days ahead.
Resistance level to watch out for: $0.85
Support level to watch out for: $0.75
Disclaimer: Opinions expressed are not investment advice. Do your research.
Polygon Recovers, will MATIC Float to $1 in a Bull Continuation?Past Performance of Polygon
Polygon is steady when writing, adding seven percent on the last trading day and down 14 percent week-to-date. In a bear breakout below a bull flag, sellers have the upper hand and appear determined to reverse gains of the first half of last week. Per the formation in the daily chart, MATIC prices will likely drop to $0.70 in a retest and completion of the second phase of a typical breakout formation following gains on July 14.
#Polygon Technical Analysis
Despite the bounce in the early Asian session, sellers are currently in charge and will most likely confirm losses of July 26 in a continuation pattern reflecting losses of early May 2022. Notably, the bear bar that forced prices below the recent bull flag and July 18 lows has high trading volumes pointing to high participation, marking weakness. Therefore, based on the formation in the daily chart, traders may search to find unloading opportunities on every pullback, with targets at $0.60 in the short term. It would be especially the case if MATIC bulls failed to unwind losses and force prices above $0.80. However, any unexpected surge above $0.90 will strengthen bulls, laying the foundation for a refreshing surge towards $1.
What to Expect from #MATIC?
Technically, MATIC is within a bullish breakout formation. Even so, given the strong liquidation of July 26, the coin will likely plunge back to $0.70 and $0.60 in a retest should prices be capped below this week’s highs.
Resistance level to watch out for: $0.90
Support level to watch out for: $0.60
Disclaimer: Opinions expressed are not investment advice. Do your research.
#Polygon surges 85%, will MATIC Bulls Break above $0.67?Past Performance of Polygon
Polygon prices are overly stable, trading inside a broader $0.22 trade range clear in the daily chart. While traders expect more gains in the days ahead, the failure of bulls to clear above $0.67, a multi-week liquidation level, could slow down the uptrend in the short term.
#Polygon Technical Analysis
The primary liquidation level marking June 2022 highs stands at $0.67. Although MATIC traders are confident of more gains, there must be a clear, high volume close above this line before traders double down, targeting $1.20 in the medium term. However, the daily chart shows signs of waning upside momentum since the stochastic is at the overbought territory. In that case, traders should watch out whether buyers will build momentum to surge above $0.67. On the reverse side, losses below $0.45 or last week's lows, may invalidate the uptrend, possibly triggering a sell-off towards $0.33.
What to Expect from #MATIC?
Buyers are confident after surging 85 percent from 2022 lows. All the same, prices are flat-lining around a critical liquidation level. In the short term, traders can wait for a sharp close above $0.67 or $0.45 for immediate trend definition.
Resistance level to watch out for: $0.67
Support level to watch out for: $0.45
Disclaimer: Opinions expressed are not investment advice. Do your research.
MATICUSD,MATICUSDT PRICE BREAKOUT TIME ALL buyer wait for breakout then breakout complete then buy the trade and sell tp1,tp2,tp3
I thing price may be break all time high
Let see
Buy more get more (happy)
