MATIC - BROKE SUPPORT AND HORIZONTAL TRIANGLE! So, What's Next?
Happy Icy Texas Friday, Traders!
Hope you find value from this post.
If you did, pls like and consider following.
Here's a trading idea.
But firstly...
==============================
Quick Disclaimer:
Trade at your own risk. This post/chart is for your reference only, it is not intended as a recommendation, nor is it an advice to sell nor buy this crypto asset, nor to place any trade.
Trading poses a risk of losing some or all of your money and it will be your responsibility if you lose money.
I am not trading this asset but TA on this asset has been requested, so it is my pleasure to present my views on this GALA/USD pair.
==============================
MATIC remains its Bullish disposition as price has stay way above $1.4446
MATIC broke out of its Green Ascending Support Bar and has reached key support at the Blue Horizontal Bar.
What is now happening?
Then next move for MATIC could be a continuation of this bearish move to reach the 50% Fib at $1.7735
If MATIC breaks that key support, the next level below is the 61.8% Fib at $1.50176
After being rejected at the Red Resistance Trend Line and its 21MA, GALA has dipped down towards the support lines, and the support bar.
Another probably move for MATIC now is to crawl sideways (consolidate) along the Blue Horizontal Bar to potentially create a Descending Triangle (bearish).
What if MATIC bounces from here?
The 21MA and the Resistance Trend Line above could continue keeping MATIC down.
So, unless MATIC breaks out of the resistance trend line above and stay above its 21MA or even the 50MA, a conservative trader would not enter a long position.
MACD: The histogram has a bullish divergence, although there isn't one on the signal lines.
Stoch RSI: Stoch RSI on this chart is at the Oversold Region and no bullish crossover.
Price action is KING!
Always remember to place your Stop Loss.
Patience and Discipline are KEYS to a successful trade.
Trading is both a Science and an Art.
Develop an intuition and listen to your instinct while following the rules putting emotions aside.
If you have not yet developed it, you will develop this as long as you stay consistent with following
the rules. The skills will become second nature to you much like how you acquire the skill in riding a bicycle.
Soon it will be your subconscious running your trades, again, much like when riding a bicycle
the balancing is controlled by the subconscious part of your brain.
Be PERSISTENT and stay PERSISTENT.
Let me know what asset you wish for me to look at and evaluate for potential long set ups and I will post it here on TradingView.
If you found value from this post, consider giving it a like and subscribe. Furthermore, share it with someone you know will benefit from this.
More power to all your trades, my friends!
Ron
Intrepid_Trader
Fib levels below:
1.136 = $35,601
1.272 = $31,603
1.382 = $28,369
Hope you find value from this post.
If you did, pls like and consider following.
Here's a trading idea.
But firstly...
==============================
Quick Disclaimer:
Trade at your own risk. This post/chart is for your reference only, it is not intended as a recommendation, nor is it an advice to sell nor buy this crypto asset, nor to place any trade.
Trading poses a risk of losing some or all of your money and it will be your responsibility if you lose money.
I am not trading this asset but TA on this asset has been requested, so it is my pleasure to present my views on this GALA/USD pair.
==============================
MATIC remains its Bullish disposition as price has stay way above $1.4446
MATIC broke out of its Green Ascending Support Bar and has reached key support at the Blue Horizontal Bar.
What is now happening?
Then next move for MATIC could be a continuation of this bearish move to reach the 50% Fib at $1.7735
If MATIC breaks that key support, the next level below is the 61.8% Fib at $1.50176
After being rejected at the Red Resistance Trend Line and its 21MA, GALA has dipped down towards the support lines, and the support bar.
Another probably move for MATIC now is to crawl sideways (consolidate) along the Blue Horizontal Bar to potentially create a Descending Triangle (bearish).
What if MATIC bounces from here?
The 21MA and the Resistance Trend Line above could continue keeping MATIC down.
So, unless MATIC breaks out of the resistance trend line above and stay above its 21MA or even the 50MA, a conservative trader would not enter a long position.
MACD: The histogram has a bullish divergence, although there isn't one on the signal lines.
Stoch RSI: Stoch RSI on this chart is at the Oversold Region and no bullish crossover.
Price action is KING!
Always remember to place your Stop Loss.
Patience and Discipline are KEYS to a successful trade.
Trading is both a Science and an Art.
Develop an intuition and listen to your instinct while following the rules putting emotions aside.
If you have not yet developed it, you will develop this as long as you stay consistent with following
the rules. The skills will become second nature to you much like how you acquire the skill in riding a bicycle.
Soon it will be your subconscious running your trades, again, much like when riding a bicycle
the balancing is controlled by the subconscious part of your brain.
Be PERSISTENT and stay PERSISTENT.
Let me know what asset you wish for me to look at and evaluate for potential long set ups and I will post it here on TradingView.
If you found value from this post, consider giving it a like and subscribe. Furthermore, share it with someone you know will benefit from this.
More power to all your trades, my friends!
Ron
Intrepid_Trader
Fib levels below:
1.136 = $35,601
1.272 = $31,603
1.382 = $28,369