✳️ MATIC Network vs Bitcoin | A Very Difficult Position

5 янв. 2023 г.

Here is a great example of a chart that we do not trade... I will explain the reason why.

MATICBTC has shown great resilience, amazing strength because it remains trading near its All-Time High while the entire cryptocurrency market was going through a terrible bear market.

Now, we have many technicals that support the bulls such as a strong RSI and prices trading above EMA50, so why avoid a chart like this one?

The markets are unpredictable...
Anything can happen at all times and this chart is a great example.

Now, the only way to trade spot on is on the long side...

The lower the price, the higher the potential for growth.
The higher the price, the higher the potential for a drop.

While this pair can continue to grow for years to come...

We have a double top long-term, one in May 2021 another one in November 2022.
This is not good.

We look for pairs that are bottomed out or trading near a strong support.
Once support is tested and holds there is high probabilities for prices to move up.

In case a breakout fails, we have a tight stop-loss. 5%-15%.

While on a chart like this one there is lots of room for prices to drop.

Here are some examples of charts where you see support being challenged an a potential for the trend to reverse:

✳️ Chiliz vs Bitcoin | Very Interesting (66 to 114% Potential)

✴️ Fantom Looking Like July 2021... 2,180% Wave To Go UP!

✳️ Kava Rebound Points To Easy 40%, Up To 100% Possible

✳️ Ethereum Classic vs Bitcoin Fully Mapped (70% to 198%)

✳️ Zcash About To Print Strong 100%+ Growth!

Notice that they are bottomed out while MATIC is trading near its All-Time High.

Thank you for sharing.

Namaste.