MATICBTC - falling wedge and bullish divergence
Updated
MATICBTC is forming a falling wedge after the current huge dump which usually ends in a bullish breakout.
We can see bullish divergence on the 1hr RSI and it's close to the 0.618 fib-level which is the usual reversal zone for retracements.
You can either wait for the breakout to lower your risk or get in now to possibly get more profit but with the risk of a pattern failure.
Another thing to consider is that shorting is currently disabled for MATIC which reduces the sell pressure a bit.
Consider a stop loss below 200 to minimize downside risk.
Take profit zones are in the chart but I forgot to add one around 250, sell some there as well.
Let me know what you think and good luck with your trades.
We can see bullish divergence on the 1hr RSI and it's close to the 0.618 fib-level which is the usual reversal zone for retracements.
You can either wait for the breakout to lower your risk or get in now to possibly get more profit but with the risk of a pattern failure.
Another thing to consider is that shorting is currently disabled for MATIC which reduces the sell pressure a bit.
Consider a stop loss below 200 to minimize downside risk.
Take profit zones are in the chart but I forgot to add one around 250, sell some there as well.
Let me know what you think and good luck with your trades.
Note
Hourly RSI broke out of the downtrend, looking good so far:Trade closed: stop reached
With the recent BTC drop it unfortunately fell into the stop loss zone.
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