Matic daily chart

Matic trading journal 02-05-2024

By Cryptokaani | Crypto-trading | 2 May 2024


Three days ago, I wrote a blog post on Hive.blog where I mentioned that Matic was retesting support around 0.65. Now, a few days later, we can see that Matic tested that level and bounced off when bulls took over. I jumped in there, and now I'm waiting to see a bull rally. The first target is the short-term resistance around 0.75, but if we break through that, I expect resistance to be met somewhere around 0.95. In the bigger picture, there are some shadows over the crypto markets, so it might also impact Matic. BTC is trending down now, and as we have seen, almost every other crypto follows suit.

Matic daily chart

I am trading price action, and I base my trading decisions on the support and resistance areas. Additionally, I trade with the trend, so momentum should be with me. I use moving averages and MACD to visualize the trend and balance with bulls and bears

Always remember to conduct your own research before trading. Markets are unpredictable, and no one can predict them flawlessly. Also, trade only with an amount you can afford to lose.

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