Long
🔥 MATIC Bullish Triangle Break Out?
Over the course of several days now, MATIC has formed a bullish triangle. At this moment, the top resistance of the triangle appears to hold.
With BTC being as oversold as it can get, the path of least resistance is currently bullish, which would naturally be great news for MATIC. Nevertheless, there's a possibility for a (temporary?) double top formation which would send MATIC's price back towards the triangles support.
If things remain as they are, there's a good chance for this triangle to break bullish in the near term.
The target area in blue has been placed at recent points of high volume.
With BTC being as oversold as it can get, the path of least resistance is currently bullish, which would naturally be great news for MATIC. Nevertheless, there's a possibility for a (temporary?) double top formation which would send MATIC's price back towards the triangles support.
If things remain as they are, there's a good chance for this triangle to break bullish in the near term.
The target area in blue has been placed at recent points of high volume.
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