Cryptocurrencies

MATIC technical analysis

MATIC seen from the temporality of 1D we can observe how the price has managed to break the resistance of the major figure, indicated in the chart above by a dark blue diagonal, this has happened after the price rose to break the pennant of the range area corresponding to the minor figure that we see in the chart above delimited with the diagonals dark blue, currently the price has made a test throwback towards the major diagonal, the consolidation we can see within the zone of demand located within the price range of 0.00000152 – 0.00000168, indicated in the graph by the light blue rectangle, the price should look for a new test of the area of supply located within the price range of 0.00000193 – 0.00000211, to get close above that area, the odds that the price reaches our first target profit are very high, this target is located at 0.00000231, while the second profit target is at 0.00000339, if the price does not manage to exceed the bid zone, we should see a major reversal towards the demand zone number 2 which is located within the price range of 0.00000120 – 0.00000137.

MATIC seen from the temporality of 4H we can observe more closely the current movement of candles, we see that the price is finding strong resistance in the horizontal located at 0.00000179, indicated in the chart above by the horizontal red color, if the price continues to fail to move forward, the price should retreat looking for the double floor neck line that we see within the small figure delimited by the diagonals purple.

In conclusion, MATIC seen from the greater temporality we see that it has achieved a good break of the resistance and that it is carrying out a test of the same one with high probabilities of a following bullish movement, nevertheless, we must be very attentive to the action of the price in H4, since this temporality suggests that there will be a retrocession, therefore, we must observe the zones of demand before mentioned to find the best position, always remember to place their stop loss in each operation to avoid the possible invalidations during the movement.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

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