Matic (Polygon) Swing Trading Analysis 4H timeframe
Update: As expected, the price managed to bounce off the 61.60 FIB zone with momentum along with a relatively good volume.
My confluence for this position are as follows :
1. Respected HL
2. 3 valid trendline touches
3. Fibonacci 61.80 rejection
4. Previous resistance-turned support rejection.
5. Multiple Bullish candle close at the projected bounce-off points.
6. Oversold as indicated in the RSI.
I will post further updates as the trade progresses.
My confluence for this position are as follows :
1. Respected HL
2. 3 valid trendline touches
3. Fibonacci 61.80 rejection
4. Previous resistance-turned support rejection.
5. Multiple Bullish candle close at the projected bounce-off points.
6. Oversold as indicated in the RSI.
I will post further updates as the trade progresses.
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