Matic (Polygon) on Daily Chart - Bullish Reversal Signal
If you know me, you know that I typically manually trade using a 10 second, 1 min, 5 min, and 15 min chart for making decisions on entries and exits. I HATE staying in a position for more than 15 minutes in any crypto market. I come from Wall St since 1996 or so and align with High Frequency Trading ideas.
I'm using TradingView to get myself more accustomed to 4h and 1D charts for these markets. Here's an idea for today:
Several technical indicators suggest a potential bullish reversal, making it an intriguing setup to consider.
Key Indicators:
Average True Range (ATR): The ATR indicator measures market volatility. Matic currently has an ATR of 0.0539, indicating a relatively active market. Higher volatility can provide trading opportunities for those looking to capitalize on price movements.
Average Directional Index (ADX): The ADX indicator measures the strength of a trend. With an ADX reading of 54.39, Matic is exhibiting a significant trend. A high ADX value suggests a strong trend, potentially indicating a continuation or a reversal.
RSI and Stochastic RSI under 30: Both the RSI and Stochastic RSI are below 30, indicating an oversold condition. This suggests that selling pressure has pushed the price to potentially unsustainable levels. The fact that both indicators are turning upwards suggests a possible shift in momentum towards the upside.
Re-entry at the bottom of the Bollinger Band: Matic is currently re-entering the bottom of the Bollinger Band after falling outside of it. This occurrence suggests a potential buying opportunity, as prices tend to revert to the mean. It also indicates a possible end to the downward price movement and a potential reversal.
Negative CCI (-229): The Commodity Channel Index (CCI) reflects the deviation of an asset's price from its statistical average. With a CCI of -229, Matic's price is significantly below its average, indicating an oversold condition. This condition often precedes price reversals, making it an interesting setup for a potential bullish move.
Trade Plan:
Considering the above technical indicators, here's a potential trade plan for a bullish position on Matic:
If you're feeling daring:
Entry: $0.645
Stop-Loss: $0.595 (below the recent swing low at $0.600)
Take-Profit: Set at a logical resistance level or based on your preferred risk-reward ratio.
I'm using TradingView to get myself more accustomed to 4h and 1D charts for these markets. Here's an idea for today:
Several technical indicators suggest a potential bullish reversal, making it an intriguing setup to consider.
Key Indicators:
Average True Range (ATR): The ATR indicator measures market volatility. Matic currently has an ATR of 0.0539, indicating a relatively active market. Higher volatility can provide trading opportunities for those looking to capitalize on price movements.
Average Directional Index (ADX): The ADX indicator measures the strength of a trend. With an ADX reading of 54.39, Matic is exhibiting a significant trend. A high ADX value suggests a strong trend, potentially indicating a continuation or a reversal.
RSI and Stochastic RSI under 30: Both the RSI and Stochastic RSI are below 30, indicating an oversold condition. This suggests that selling pressure has pushed the price to potentially unsustainable levels. The fact that both indicators are turning upwards suggests a possible shift in momentum towards the upside.
Re-entry at the bottom of the Bollinger Band: Matic is currently re-entering the bottom of the Bollinger Band after falling outside of it. This occurrence suggests a potential buying opportunity, as prices tend to revert to the mean. It also indicates a possible end to the downward price movement and a potential reversal.
Negative CCI (-229): The Commodity Channel Index (CCI) reflects the deviation of an asset's price from its statistical average. With a CCI of -229, Matic's price is significantly below its average, indicating an oversold condition. This condition often precedes price reversals, making it an interesting setup for a potential bullish move.
Trade Plan:
Considering the above technical indicators, here's a potential trade plan for a bullish position on Matic:
If you're feeling daring:
Entry: $0.645
Stop-Loss: $0.595 (below the recent swing low at $0.600)
Take-Profit: Set at a logical resistance level or based on your preferred risk-reward ratio.
Trade active:
i'll test myself, entered at 0.645
Trade closed manually:
I don't have the patience, closed at 0.6465, eh.