🔥 MATIC: Reversal Or Parabolic Break Out
A couple of days ago, I made an analysis on MATIC where I analyzed the bullish channel in which it has been trading.
The reversal was nearly perfect, with a huge bullish move resulting from it.
At the moment, we're closing in fast on the top of the channel. This is an area to watch out for. Like 3 times before, we could see a bearish move from there and move back towards the lower bound of the channel. The blue line is the current all-time high, which offers strong resistance.
However, if Bitcoin can maintain the current bullish move and sentiment, I can see MATIC break out of this channel and start a potentially parabolic move towards $4.
Before going long I'd wait patiently for what the price does. The yellow area is an area of massive resistance from both the all-time high and the channel's upper bound. Be wary.
Happy trading!
The reversal was nearly perfect, with a huge bullish move resulting from it.
At the moment, we're closing in fast on the top of the channel. This is an area to watch out for. Like 3 times before, we could see a bearish move from there and move back towards the lower bound of the channel. The blue line is the current all-time high, which offers strong resistance.
However, if Bitcoin can maintain the current bullish move and sentiment, I can see MATIC break out of this channel and start a potentially parabolic move towards $4.
Before going long I'd wait patiently for what the price does. The yellow area is an area of massive resistance from both the all-time high and the channel's upper bound. Be wary.
Happy trading!
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