MATIC - Broke out of 4HR but what now?
So we broke out of 4hr falling wedge (blue dashed lines), had a bit of folow thru, and then we got smacked back down. (see previous idea posted)
Doesnt look particularly strong.
So now we are forming a triangle consolidation (orange dashed lines) on hourly timeframe that we need to watch for guide on direction.
If we break upwards and BTC helps us (not like the 4hr which BTC basically shot down) We can start bouncing on the daily and look for a nice bounce to form a daily lower high. And our original idea is playing out (previous posted idea)
If we breakdown then we need to decide where we want to scale in when its severely oversold. Oversold on all timeframes up to 12hr would be a good time to start scaling in at least expecting some sort of bounce so we can derisk.
I have set an order at approx double bottom around 1.10 but i may adjust as we print more candles.
GL!
Doesnt look particularly strong.
So now we are forming a triangle consolidation (orange dashed lines) on hourly timeframe that we need to watch for guide on direction.
If we break upwards and BTC helps us (not like the 4hr which BTC basically shot down) We can start bouncing on the daily and look for a nice bounce to form a daily lower high. And our original idea is playing out (previous posted idea)
If we breakdown then we need to decide where we want to scale in when its severely oversold. Oversold on all timeframes up to 12hr would be a good time to start scaling in at least expecting some sort of bounce so we can derisk.
I have set an order at approx double bottom around 1.10 but i may adjust as we print more candles.
GL!
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