Long
Matic to 4.727$
There is a very big inverse head and shoulders pattern in Matic and other cryptos. The recent dump can be seen as a re-test of the pattern, which as you can see from matic, was successful. Technical target of the pattern coincides with R3 fibonacci resistance on the weekly, so I would be taking some profits there.
Here is a great chance for a breakout trade, as this pattern has a high likelihood of success, because it is on the weekly timeframe and that makes it more reliable.
Good luck! I also have a bearish analysis for BTC to 10550, so if this Matic long somehow fails, I will be bullish from 10460-10550 range, but thats not in the cards until this move is disproven.
Here is a great chance for a breakout trade, as this pattern has a high likelihood of success, because it is on the weekly timeframe and that makes it more reliable.
Good luck! I also have a bearish analysis for BTC to 10550, so if this Matic long somehow fails, I will be bullish from 10460-10550 range, but thats not in the cards until this move is disproven.
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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.