๐ฅ MATIC Bull-Flag: Incoming Important Area
MATIC has been trading inside this bull-flag pattern for well over two months now. With BTC trading relatively stable, MATIC bulls saw a chance to move the price higher back towards the flag's resistance.
In my view, this resistance will be a perfect moment for taking profit, which will likely cause some kind of bearish reversal. I'm looking at the yellow area to determine MATIC's next move.
A stable/bullish BTC combined with a break out of the bull-flag pattern: long MATIC, targets in blue.
Bearish BTC combined with a reversal from the top resistance: short MATIC, target at the bottom support of the pattern.
Bull-flags are classically bullish patterns, but with the stock markets in distress I'm reluctant to be confidently bullish. Again, eyes on the yellow area for clues.
In my view, this resistance will be a perfect moment for taking profit, which will likely cause some kind of bearish reversal. I'm looking at the yellow area to determine MATIC's next move.
A stable/bullish BTC combined with a break out of the bull-flag pattern: long MATIC, targets in blue.
Bearish BTC combined with a reversal from the top resistance: short MATIC, target at the bottom support of the pattern.
Bull-flags are classically bullish patterns, but with the stock markets in distress I'm reluctant to be confidently bullish. Again, eyes on the yellow area for clues.
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