Dips in Bitcoin and stocks are for buyers as the short-term trend is up.
) Feb. 4 candlestick shows that traders may have booked profits near the overhead resistance at $1.30.The upsloping 20-day EMA and the RSI in the positive area indicate that buyers are in command. The possibility of a break above $1.30 increases the price turns up from the current level or the 20-day EMA, which could propel MATIC price to as high as $1.70.
One minor negative on the chart is the negative divergence on the RSI. This indicates that the buying pressure is reducing. If the bears sink the price below the 20-day EMA, MATIC may fall to $1.05 and then to the 50-day SMA .Buyers are trying to protect the breakout level at the resistance line but are facing selling on rallies. The RSI is showing a negative divergence but a minor positive is that the bulls have managed to keep Polkadot above the 20-day EMA .
Contrary to this assumption, if the bears tug the price below the 20-day EMA, it will signal the start of a deeper correction. The support level to watch in the event of a pullback is $6. But if it fails to hold, the decline can extend to as low as the 50-day SMA . This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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