CRYPTOCURRENCY MATIC (POLYGON) BOTH SIDE OPPORTUNITY (BUY/SELL)
Analysis has been done on 1 hour time frame and the price has approached support zone yet again! It has taken support from the zone 5 times on a bigger timeframe which indicates how strong this zone is for buyers but it must become weak.
This results in a make or break situation, where a small pullback is required after sellers dominance or either a complete breakdown.
It can happen in two ways :-
1. Matic breaks support zone with momentum which eventually results in a breakdown (CASE 1) even in a bear market.
2. It consolidates for a while (moves within a range) after constant selling and then one more downside movement (CASE 2) to reach our target.
Conversely, the last 2 sessions have been exhaused and we can expect a decent pullback as sellers have tried pushing the price below support zone and yet again it recovers due to heavy sell off in the market. Fixed Range Volume Profile does the job perfectly to determine the extent of a pullback however 50-EMA can also create resistance for our upside movement to reach target, therefore trade is risky. But also bear, with the recent news of Polygon partnership with EY(Ernst and Young), it might increase momentum and help us achieve our short term target.
ENTRY POINTS -
This results in a make or break situation, where a small pullback is required after sellers dominance or either a complete breakdown.
It can happen in two ways :-
1. Matic breaks support zone with momentum which eventually results in a breakdown (CASE 1) even in a bear market.
2. It consolidates for a while (moves within a range) after constant selling and then one more downside movement (CASE 2) to reach our target.
Conversely, the last 2 sessions have been exhaused and we can expect a decent pullback as sellers have tried pushing the price below support zone and yet again it recovers due to heavy sell off in the market. Fixed Range Volume Profile does the job perfectly to determine the extent of a pullback however 50-EMA can also create resistance for our upside movement to reach target, therefore trade is risky. But also bear, with the recent news of Polygon partnership with EY(Ernst and Young), it might increase momentum and help us achieve our short term target.
ENTRY POINTS -
- For BUY - Breaking 1.070 on 1 hour timeframe with momentum. TARGET - 1.126
- For SELL - Breaking 1.035 on 1 hour timeframe with momentum. TARGET - 0.960