MATICUSDT 1W - Analysis - waiting for breakout
Matic USDT - 1W Analysis
I have chosen a longer period to look at a simpler structure to cut out the noise.
Given the market is pumping, there is a good chance MATIC breaks above the triangle might as well coincide with BTC breaking out of the 52K-53K resistance.
Plus, in the chance that BTC fails the 52K 53K resistance bringing the entire market down, MATIC has strong supports at 1.2,1.1, and 1.0.
Let's wait and watch.
Supports (green lines) and resistances (red lines) indicated. The Blue arrow indicates direction and not representative of timelines.
Let's follow price action and adapt our plans based on the supports and resistance indicated.
Always follow risk management. BTC can be volatile. We have seen quite a few flash-crashes off late.
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I have chosen a longer period to look at a simpler structure to cut out the noise.
Given the market is pumping, there is a good chance MATIC breaks above the triangle might as well coincide with BTC breaking out of the 52K-53K resistance.
Plus, in the chance that BTC fails the 52K 53K resistance bringing the entire market down, MATIC has strong supports at 1.2,1.1, and 1.0.
Let's wait and watch.
Supports (green lines) and resistances (red lines) indicated. The Blue arrow indicates direction and not representative of timelines.
Let's follow price action and adapt our plans based on the supports and resistance indicated.
Always follow risk management. BTC can be volatile. We have seen quite a few flash-crashes off late.
-------------------------------------------------------------------------------------------
If you like this idea:
1) Please follow me for more content
2) Give this idea a like so that the Trading View algorithm can take this idea to more users.
-------------------------------------------------------------------------------------------
If you have comments both for and against the idea:
1) Let's exchange ideas in the comments
2) Discussions can help the community as a whole and also helps me learn a lot