Polygon (MATIC / BTC) Trade for the Bitcoin maxi 😎 (RR 1:8)

Setup: Strong breakout of the consolidation zone and the 200 Moving Avarage on the daily timeframe. Pullback expected to test previous resistance.

Entry: I expect support at previous resistance and this is where my entry zone is based. Around the 200 MA (daily). Orange box.

Stoploss: Stoploss is below the consolidation zone @ 0.00001680. After making a new local high (above 0.00002890), I move my stoploss just above my entry; making the trade risk free.

Targets: Targets are calculated with the extended Fibonacci with the swing low/high of November. This is a typical sign of strength, especially when you look at the volume/buy pressure building up drawing this pattern.

First target is 1.618 of the extended fib, what happens to be the first real resistance zone after breakout of the local high. I take 50% off the table.

Final target is 4.236 of the extended fib. This target is near the all-time high.

I personally scale out of my position at the 2.618 and 3.618.


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