📈MATIC Analysis: Waiting for Box Breakout in 4-Hour Timeframe🚀
🔍Today's market saw a notable rebound from a crucial support level, reaffirming the buying opportunity for investors keen on sustaining prices above this support. As emphasized in previous analyses, the breach of this support and subsequent consolidation below it would likely signal a bearish trend, making position opening challenging until proximity to this support.
⚡️Currently, Bitcoin has undergone a minor upward correction, with altcoins also nearing the upper bounds of their respective boxes. The coin under scrutiny today is Matic (MATIC), with analysis focused on the 4-hour timeframe. Matic is currently confined within a box ranging from 0.6449 to 0.7491.
🔔Utilizing the volume fixed range profile indicator reveals balanced volumes within the box, suggesting a prudent approach of waiting for a breakout before considering positions. Therefore, the entry point for a long position is at 0.7491, while for a short position, it's at 0.6449.
📈For long positions, consider targeting the area around 0.8685, a strong supply zone where price rejection may occur. Conversely, for short positions, 0.5057 serves as a suitable target, offering robust support and aligning with the 1 Fibonacci extension.
✅However, the optimal exit strategy entails waiting for a trend reversal before exiting the position. This advanced approach necessitates a deep understanding of market dynamics and significant trading experience.
📊Additionally, dwindling volumes indicate waning trader interest within this range. When traders, especially those with significant trading volumes, are disinterested, it's prudent for others to refrain from trading.
💎For RSI confirmation, breaking above 64.27 could serve as a signal for long positions. However, given the market's lack of momentum, reliance solely on momentum indicators like RSI may not be advisable.
📝In conclusion, exercising patience for a breakout from the current box range is prudent for Matic traders, with strategic entry and exit points crucial for successful trading amid prevailing market conditions.
⚡️Currently, Bitcoin has undergone a minor upward correction, with altcoins also nearing the upper bounds of their respective boxes. The coin under scrutiny today is Matic (MATIC), with analysis focused on the 4-hour timeframe. Matic is currently confined within a box ranging from 0.6449 to 0.7491.
🔔Utilizing the volume fixed range profile indicator reveals balanced volumes within the box, suggesting a prudent approach of waiting for a breakout before considering positions. Therefore, the entry point for a long position is at 0.7491, while for a short position, it's at 0.6449.
📈For long positions, consider targeting the area around 0.8685, a strong supply zone where price rejection may occur. Conversely, for short positions, 0.5057 serves as a suitable target, offering robust support and aligning with the 1 Fibonacci extension.
✅However, the optimal exit strategy entails waiting for a trend reversal before exiting the position. This advanced approach necessitates a deep understanding of market dynamics and significant trading experience.
📊Additionally, dwindling volumes indicate waning trader interest within this range. When traders, especially those with significant trading volumes, are disinterested, it's prudent for others to refrain from trading.
💎For RSI confirmation, breaking above 64.27 could serve as a signal for long positions. However, given the market's lack of momentum, reliance solely on momentum indicators like RSI may not be advisable.
📝In conclusion, exercising patience for a breakout from the current box range is prudent for Matic traders, with strategic entry and exit points crucial for successful trading amid prevailing market conditions.