Hello Traders!
Today’s chart update will be on MATICBTC where it is approaching its apex zone, a move is imminent. Price may put in a macro higher low and continue this Bull Run or we may see a breakdown from local support, negating market structure.
Points to consider
- Trend overall bullish
- Structural support in confluence with .50 Fibonacci and 200 hourly MA
- Resistance coming down from trend line
- Stochastics showing upside momentum
- RSI neutral
- EMA’s giving price resistance
- Volume declining rapidly
MATIC may potentially be putting in a macro higher low if resistance is broken and support is respected. The structural support is very strong as it is in confluence with the .50 Fibonacci level and the MA, a bounce will be more probable.
Resistance is coming into support, accompanied with the EMA’s which will cross bullish when and if MATIC breaks bullish from its apex.
The RSI is quite neutral at current given time, can break in either direction whilst the Stochastics is clearly projecting upside, a bull break in other words will have continued momentum.
The Volume is declining rapidly, which further proves that a break is imminent, we need to see sustained increase in bull and or bear volume, depending on the break, to ensure we are not in a false break.
IMO, MATIC has a high degree of probability to break bullish from this local resistance as support is very strong due to multiple technical confluences. A continuation will put in a macro higher low, confirming the bull trend. A break bearish is also highly possible, this will negate the overall structure, and local lower supports will then be targets for the bears…
What are your thoughts on MATIC?
Please leave a like and comment
And remember,
“There is a huge difference between a good trade and good trading.” – Steve Burns
Today’s chart update will be on MATICBTC where it is approaching its apex zone, a move is imminent. Price may put in a macro higher low and continue this Bull Run or we may see a breakdown from local support, negating market structure.
Points to consider
- Trend overall bullish
- Structural support in confluence with .50 Fibonacci and 200 hourly MA
- Resistance coming down from trend line
- Stochastics showing upside momentum
- RSI neutral
- EMA’s giving price resistance
- Volume declining rapidly
MATIC may potentially be putting in a macro higher low if resistance is broken and support is respected. The structural support is very strong as it is in confluence with the .50 Fibonacci level and the MA, a bounce will be more probable.
Resistance is coming into support, accompanied with the EMA’s which will cross bullish when and if MATIC breaks bullish from its apex.
The RSI is quite neutral at current given time, can break in either direction whilst the Stochastics is clearly projecting upside, a bull break in other words will have continued momentum.
The Volume is declining rapidly, which further proves that a break is imminent, we need to see sustained increase in bull and or bear volume, depending on the break, to ensure we are not in a false break.
IMO, MATIC has a high degree of probability to break bullish from this local resistance as support is very strong due to multiple technical confluences. A continuation will put in a macro higher low, confirming the bull trend. A break bearish is also highly possible, this will negate the overall structure, and local lower supports will then be targets for the bears…
What are your thoughts on MATIC?
Please leave a like and comment
And remember,
“There is a huge difference between a good trade and good trading.” – Steve Burns
