Looking For Resistance Break on MATIC For a LONG Trade.
Currently looking for a bullish swing trade on MATIC's 1HR timeframe. Using the Logical Trading Indicator V.2, the BUY signal fired with a bounce from a demand zone, which is showing a possible bottom for the current down trend.
Only Time will tell though. I am looking for MATIC to break the .86 level then flip it from resistance to support. When this happens, I will start average into the trade.
I also day trade MATIC using leverage on ApolloX exchange, which is a DEX on BSC (Binance Smart Chain), but I have a stack that I like to use for spot swing trades to hedge my day trading risks.
In my personal opinion, we are done with the crypto bear market and are just working our way back up, building market structure as we go.
My little personal disclaimer...
This is definitely not financial advice... Crypto trading comes with some big risks, so make sure to do your own research and analysis! This is just what I am looking at for my own trades, so if you follow me into battle, and you lose, that means I do too. Can't be right all the time, but I do my best!
Only Time will tell though. I am looking for MATIC to break the .86 level then flip it from resistance to support. When this happens, I will start average into the trade.
I also day trade MATIC using leverage on ApolloX exchange, which is a DEX on BSC (Binance Smart Chain), but I have a stack that I like to use for spot swing trades to hedge my day trading risks.
In my personal opinion, we are done with the crypto bear market and are just working our way back up, building market structure as we go.
My little personal disclaimer...
This is definitely not financial advice... Crypto trading comes with some big risks, so make sure to do your own research and analysis! This is just what I am looking at for my own trades, so if you follow me into battle, and you lose, that means I do too. Can't be right all the time, but I do my best!
Comment:
Well, we got to the .86 level, but instead of breaking through, we got rejected pretty hard by resistance. There is a pretty large demand zone showing on the Logical Trading Indicator V.2 that ranges between .78-.79, so the swing strategy may be changing. Looking for a retrace to that zone. Will figure out what to do from there. I have alerts set on the 15 minute time frame for entry points that haven't fired yet, so still waiting on the price to drop further.
Comment:
Well, we blew right through the .78 level. and continuing further. We could see levels as far as .69 Which is where the next demand zone is. The news of Binance getting slammed with SEC fines, CZ stepping down, and the SEC again saying that MATIC is a security, it's been hit real hard by the news.
Basically my trade idea has been completely negated at this point, lol. Oh well, on to the next opportunity!
Basically my trade idea has been completely negated at this point, lol. Oh well, on to the next opportunity!
Order cancelled:
Trade negated by the rejection of .86 level as well as negative pressure on the market thanks to regulatory news.