Short-term ascending triangle and resistance to BTC moves
Hey folks,
Rookie and first (short) post, so naturally take with a pinch of salt and DYOR.
Matic held up remarkably well against the BTC dumps of the last week or so, even flirting with another ATH and recovering from 1.5 to over 2.5 in a few days.
We're seeing this short term too - In the last few hours that BTC has gone from $49,450 to $47,850 MATIC has held roughly the same. I tend to avoid TA on smaller timeframes but on 15M we're seeing an ascending triangle (also respecting the long-term bottom trendline since our last ATH) and breaking above this might see another bullish run towards $2.5 as we saw recently.
Good luck and manage risks accordingly :)
Rookie and first (short) post, so naturally take with a pinch of salt and DYOR.
Matic held up remarkably well against the BTC dumps of the last week or so, even flirting with another ATH and recovering from 1.5 to over 2.5 in a few days.
We're seeing this short term too - In the last few hours that BTC has gone from $49,450 to $47,850 MATIC has held roughly the same. I tend to avoid TA on smaller timeframes but on 15M we're seeing an ascending triangle (also respecting the long-term bottom trendline since our last ATH) and breaking above this might see another bullish run towards $2.5 as we saw recently.
Good luck and manage risks accordingly :)
Comment:
Broke out the bottom of the triangle, but a new triangle can be drawn as long as it doesn't head towards the previous low of 2.072
Order cancelled:
Invalidated as BTC dumped most of the market down, as could have been expected. Don't despair as this movement is most likely short term and MATIC's fundamentals are excellent for a future move to ATH.
