✴️ MATICUSDT | Polygon, New Entry (Name Your Altcoin #2 ✅)

2 thg 2, 2023

How you enter/open/start a position really depend on what your goals are, the way the chart looks, your trading style and time perspective.

Are you a short-term or long-term trader?
Are you aiming to hit it big or just hit a quick move?

The current market condition is also highly important, as it is easy to buy at support, near the bottom but hard to choose to jump in when the action is already on going, the risk becomes higher, a retrace can happen right after you buy, this is inevitable and Polygon is already moving, so you need a plan ahead of time.

I will focus on two things to describe a possible way to enter this altcoin trading pair.

The first is EMA50.

Notice in October MATICUSDT closed above this level and immediately next week a strong rejection followed.

In January, last month, MATICUSDT closed above EMA50, consolidated for a week and last week went full green.

This week is showing a lower wick with a green body, a hammer... So this level that produced a rejection has now been conquered and this opens the doors for MATICUSDT to move ahead.

Corrections can happen at anytime and are hard to spot. The action can start and go so strong that by the time a correction happens it is too late to enter, you would be looking at a different wave.

The choice is to enter now, at market prices and set a stop-loss below EMA10/EMA50 if prices start to retrace.

This is a manual stop-loss. If 1-2 full weekly candles close below 0.9935-0.9771, I would close the buy and wait for a new support to be set and buy anew at support.

This is the downside.

On the upside. Buy at current prices and wait for prices to grow. The potential is huge as shown on the chart.

But you need to define your plan and your targets, when to sell, how much to sell on the way up.

Just as you define your stop-loss, we need a plan to sell unless we are planning to hold for years to come.

The second detail is looking back at January 2021.

Once the bullish action starts, it goes and goes... MATICUSDT grew until December 2021 on that wave.

There was a strong correction in May/July, entry opportunity and consolidation in Mars/April 2021, entry opportunity.

For example, you could enter any time at market price Mars/April 2021 with a stop-loss below EMA10, manual again. Anything else becomes a winning trade.

The current candle is still trading below the October high. 
With higher highs and higher lows, the market going bullish, Bitcoin going bullish, stocks going bullish, positive news starting to develop... We can expect this pair to continue to grow.

When everything seems great, when people start to feel good and rejoice... Be on the lookout, because that's when suddenly everything can turn.

But, we are set to grow for 1-2 months.
It used to be 3, but January is already gone.


Name Your Altcoin #2

Namaste.

Disclaimer: The views expressed here are my opinion and experience in reading charts. This is not to be construed as financial advice. For financial advice contact a financial advisor.