🔥 MATIC: Reversal Or Parabolic Break Out

A couple of days ago, I made an analysis on MATIC where I analyzed the bullish channel in which it has been trading.

The reversal was nearly perfect, with a huge bullish move resulting from it.

At the moment, we're closing in fast on the top of the channel. This is an area to watch out for. Like 3 times before, we could see a bearish move from there and move back towards the lower bound of the channel. The blue line is the current all-time high, which offers strong resistance.

However, if Bitcoin can maintain the current bullish move and sentiment, I can see MATIC break out of this channel and start a potentially parabolic move towards $4.

Before going long I'd wait patiently for what the price does. The yellow area is an area of massive resistance from both the all-time high and the channel's upper bound. Be wary.

Happy trading!