MATICBTC KISS| Lower Highs| Key Resistance To Break
Hello Traders!
Today we will keep our TA KISS = Keep it Simple Stupid, as we have a look at MATIC after a huge dump. It has manage to keep its higher low projection in place as it comes closer to structural resistance
Points to consider,
- Strong higher lows
- Major structural resistance to break
- Stochastics in upper region
- RSI bounced from oversold
- Increase in bull volume
- EMA crossing bullish
MATIC has established a strong trend line by putting in consecutive higher lows; it needs to hold this structure to keep a bullish bias. Major structural resistance is yet to break, an important level to break as this will put in a new higher high.
Stochastics is currently in the upper regions, can stay here for an extended period of time, however lots of stored momentum to the downside. The RSI has bounced strong from oversold conditions, currently in neutral area; a retest of support is probable.
Bull volume has increased slightly, needs to maintain as MATIC tests structural resistance otherwise a false breakout may come to fruition. The EMA’s are crossing bullish, it needs to hold price support as price tests and breaks structural resistance.
Overall, in my opinion, MATIC must break structural resistance with convincing bull volume. A break of this established trend will be extremely bearish, lower lows will be more probable in that case as the market structure will have then changed.
What are your thoughts?
Please leave a like and comment
And remember,
“The obvious rarely happens, the unexpected constantly occurs.” – Jesse Livermore
Today we will keep our TA KISS = Keep it Simple Stupid, as we have a look at MATIC after a huge dump. It has manage to keep its higher low projection in place as it comes closer to structural resistance
Points to consider,
- Strong higher lows
- Major structural resistance to break
- Stochastics in upper region
- RSI bounced from oversold
- Increase in bull volume
- EMA crossing bullish
MATIC has established a strong trend line by putting in consecutive higher lows; it needs to hold this structure to keep a bullish bias. Major structural resistance is yet to break, an important level to break as this will put in a new higher high.
Stochastics is currently in the upper regions, can stay here for an extended period of time, however lots of stored momentum to the downside. The RSI has bounced strong from oversold conditions, currently in neutral area; a retest of support is probable.
Bull volume has increased slightly, needs to maintain as MATIC tests structural resistance otherwise a false breakout may come to fruition. The EMA’s are crossing bullish, it needs to hold price support as price tests and breaks structural resistance.
Overall, in my opinion, MATIC must break structural resistance with convincing bull volume. A break of this established trend will be extremely bearish, lower lows will be more probable in that case as the market structure will have then changed.
What are your thoughts?
Please leave a like and comment
And remember,
“The obvious rarely happens, the unexpected constantly occurs.” – Jesse Livermore