Matic ready for a new rally. BREAKOUT!!
Hi Folks,
Here is my view on Matic/USDT.
On the daily and the 4 hour chart I see the trend line gets tested multiple times.
The latest candle is fighting to hold price at support. What I have learned about bullish engulfing patterns is that the half of the white candle becomes support and the low of the candle becomes support and the lowest low of that session becomes support.
I have my entry point at the lowest point of the white candle (bullish engulfing) pattern. This happens to be the area where that lowest low comes together with the trend line again.
I expect price to come here and bounce from upwards again. This can happen if the price doesn't hold support as it is fighting it now.
If I entry at $1.035 I put my stop loss at $ 1.01.-
1st target price is around $1.17.-
risk is $1.035 - stop loss $ 1.01.- = $0.025
reward is $1.035 - $ 1.175.- = $0.14
$0.025/$0.14.- = 5.6 factor
Here is my view on Matic/USDT.
On the daily and the 4 hour chart I see the trend line gets tested multiple times.
The latest candle is fighting to hold price at support. What I have learned about bullish engulfing patterns is that the half of the white candle becomes support and the low of the candle becomes support and the lowest low of that session becomes support.
I have my entry point at the lowest point of the white candle (bullish engulfing) pattern. This happens to be the area where that lowest low comes together with the trend line again.
I expect price to come here and bounce from upwards again. This can happen if the price doesn't hold support as it is fighting it now.
If I entry at $1.035 I put my stop loss at $ 1.01.-
1st target price is around $1.17.-
risk is $1.035 - stop loss $ 1.01.- = $0.025
reward is $1.035 - $ 1.175.- = $0.14
$0.025/$0.14.- = 5.6 factor