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Maticlong

MATIC → Polygon Pullback to $0.35 then $0.70? Let's Answer.Since my February 3rd update, MATIC has remained in a trading range, as expected. We found resistance at $1.25 and then pulled back in two strong legs. Should we be bearish or bullish on MATIC? How do we trade this? 🤔 As expected, MATIC found resistance at the Resistance Zone of $1.25 after two pushes up in the trading range followed by two legs down, leaving us below the Support Zone at a low of $0.50. We now see the price finding support in this area, and it has yet to show signs of strength. It's not reasonable to enter a long here given that we lack a strong bullish candle close. We need to wait for a strong candle at this support area, but I believe it's more likely we will fall to the triangle low of around $0.31. Look for a signal and confirmation candle in this area then enter a long. Once that target is hit, take half profits at 1:1 Risk/Reward, moving the stop loss up to the entry price, then swinging the latter half of the position to 1:2 Risk/Reward. We also need to watch Bitcoin's sentiment as the price action plays out. I expect Bitcoin will fall into a two-legged pullback to around $40,000-$45,000, which should take the alt market down with it, either keeping it in a trading range or bringing it to lower lows. Until Bitcoin's sentiment shows a clear bull signal after a likely pullback, it's one more indicator we should allow to play out before getting long in MATIC. A final point of data is the RSI low and above the moving average of around 37.00. This indicates we are into the swing high and a long entry at this stage is warranted. 💡 Trade Idea 💡 Long Entry: $0.40 🟥 Stop Loss: $0.27 ✅ Take Profit #1: $0.53 ✅ Take Profit #2: $0.66 ⚖️ Risk/Reward Ratio: 1:2 🔑 Key Takeaways 🔑 1. Two legs up toward a resistance zone in a triangle 2. Resistance met at $1.25, two legs back toward the triangle low 3. Look for a break below the triangle to the triangle low 4. Long entry justified after strong bull candle close near triangle low 5. RSI at 37.00 and below the moving average. Supports a long entry 💰 Trading Tip 💰 The longer a trend continues after 3 legs, the probability of that trend continuing lessens. Because of this decreased probability, we ought to reduce our risk when entering trades. ⚠️ 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 Follow to learn more about: 1. Reading Price Action 2. Chart Analysis 3. Trade Management 4. Trading Psychology
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by TraderEngineering
2
#MATIC/USDT#MATIC The price is moving within a bearish channel pattern on the 4-hour frame, which is a strong retracement pattern We have a bounce from a major support area in the color EUR at 0.5340 We have a tendency to stabilize above the Moving Average 100 We have a downtrend on the RSI indicator that supports the rise and gives greater momentum and the price is based on it Entry price is 0.5500 The first target is 0.5980 The second target is 0.6307 The third goal is 0.6720
MLong
by CryptoAnalystSignal
Will MATIC move towards $1.6Altcoins with small capitalization (young/new) have already made huge increases in the bull market, and what about altcoins with larger capitalization? The boom doesn't apply to them? I present to you possible growth scenarios with potential key places for continued growth. The first scenario assumes increases after repeating the 1:1 black correction, i.e. wave 2 as wave 4. The condition is that the price will rise above 1.54usdt. The second scenario is a flat ABC correction, where the condition is that the price increases to the red zone without breaking the top of wave 1 and falls to the green zone as wave C, ending the correction, after which I assume increases. Regards.
MLong
by cryptodailyuk
#MATIC/USDT#MATIC The price is moving in a head and shoulders pattern on the 4-hour frame and sticking to it well We are now at the end of the formation of the right shoulder, and a rebound to the upside is expected We have a tendency to stabilize above the Moving Average 100 We are oversold on the RSI indicator and we have a downtrend that is expected to break higher to support the rise Entry price is 0.7300 The first goal is 0.800 The second goal is 0.860 The third goal is 0.9270
MLong
by CryptoAnalystSignal
1
LONG $MATIC: DAILY and a possible WXY formation ended/ingLONG BINANCE:MATICUSDT.P My take is that MATIC has been forming and may now have ended (else is close to ending) a complex triple three (3-3-3) WXY correction. Said correction is, as per Elliott Wave theory, comprised of a combinations of corrective patterns. I spot three ossible ABC´s within the WXY- Target area for Y wave has been hit at $0.7713 , and may still go a little further towards $0.6704, but needs not to as we have a full pattern. Said development would align with the expected ending of Bitcoin´s own correction which "could" finish some place between $37.800 and $35.460 (bearish view) or could have bottomed in this last swing low at $38.540 (I find it less likely but yet possible). In a word: LONG MATIC from here up until at least $0.9345 and then... we shall see ;).
MLong
by Ivanbole71
1
#MATIC/USDT#MATIC The price recently reached the first target of 0.8400, which is a moving average of 100 on a 3-day frame It achieved approximately 70% rise After the descending triangle and the downtrend were broken, which opened the way for the rise Supported by saturation on MACD It is expected that a slight correction will occur before the rise to the second target at 1.1400 continues Then the second target is 1.4446 This represents 300% since the downward trend was broken
MLong
by CryptoAnalystSignal
MATIC - TIME FOR EXHAUST?The asset broke out of the symmetrical triangle pattern. Sticking with established patterns, the initial liquidation target is forecast at 1.5642. The identified strong support zone is between 1.1 and 0.96. In the immediate area, the nearest resistance zone extends from 1.35 to 1.5. A potential struggle is expected in this range, which is likely to lead to subsequent liquidation (x), followed by a local correction. The prospects seem promising; let's remain optimistic.
MLong
by truepersonal