MATIC TRYING TO CONFIRM LOW FOR BREAKOUT

27 сент. 2022 г.

MATIC is now testing the inflection point after breaking out of the supply line and is hanging above the pending confirmation low. We have gotten follow through price action from the bullish divergence and we are waiting to see where it will take us, as it’s still not over and the momentum could continue to strengthen. A backtest of the .75-.76 area to print the confirmation low is idea. Tight higher local lows raises breakout probability for more follow through, as we see buyers eating up the supply and raising demands…. We see price moves around midnight coming into the early morning hours Eastern time, so I expect to see something to play out.

An entry here would be a tad more risky, but if you keep your stop loss manageable, this could be a nice trade. MATIC tends to move quick above .80. We are at the top of the range of a range bound asset.

*BTC/ETH DEPENDENT*