@SapphireCrypto 13 July 2023 more from that month

Polygon Trade Alert - MATIC Setting Up For A Potential Rally!

**Breakout Trading** One of the most effective trading strategies is that of a **breakout trader**. Searching the charts for signs of resistance areas being broken has often proven to be a rather effective strategy for many traders, as well as myself. Support and resistance are two very key aspects of **trading**, regardless of the strategy. After an extended period of realizing lower lows, Polygon (MATIC) has finally broken above what was previously resistance. https://www.investopedia.com/terms/b/breakouttrader.asp https://sapphirecrypto.org/2023/03/11/trading-experimentation-realization/

Image Source https://accounts.binance.com/en/register?ref=EA13GTEQ For this move to become a trading opportunity, we need to see this level being retested and, eventually, flipped into support. This will ultimately set the stage for a solid long opportunity. One of the most attractive aspects of opening long positions during the initial stages of a **bull market** is “trade security”. In other words, even if the market moves against your trade, eventually, it will move in favor of it. https://leofinance.io/@leoglossary/leoglossary-bull-market This is due to the bias being predominantly bullish over an extended period. Furthermore, opening a long position with the additional confluence of a breakout, and even better… a breakout confirmation, increases the probabilities of success quite substantially. The greater the **confluence**, the better. It increases your odds and, in many ways, is a self-fulfilling prophecy. https://sapphirecrypto.org/2022/08/19/do-you-understand-the-hierarchy-of-the-market/ It appears somewhat likely that a confirmation or rejection of this breakout is likely to be confirmed within the next few days. It’s definitely worth keeping an eye on. Referring to the screenshot above, I would be looking at the horizontal yellow line as my initial target. Polygon is likely to face **resistance** at this point. https://leofinance.io/@leoglossary/leoglossary-resistance-technical-analysis A scenario such as this often provides an initial opportunity to realize profits. Once that level of resistance has been conquered, traders can again look at re-opening or adding to their existing positions. That is the safest way to navigate a trade… always pay attention to the next level of meaningful rejection or support, depending on if you are going long, or **short**. https://leofinance.io/@leoglossary/leoglossary-short-selling **Final Thoughts** As I mentioned, the initial stages of a **bull market** provide great opportunities for long traders. Corrections are often just that… merely corrections, prior to a continuation higher. If you consider this dynamic in reverse, it’s similar to going short at the peak. In other words, **opening a short position** at $65K in 2021 would have initially seen your trade entering a losing streak as BTC moved higher to approximately $69K. However, this was momentary. https://leofinance.io/@leoglossary/leoglossary-bull-market https://sapphirecrypto.org/2023/05/09/shorting-memecoins-avoiding-the-number-1-mistake/ The price then continued to correct all the way to $15.8K, making it an extremely profitable trade. Even if long positions enter a period of loss at current levels, it is unlikely that they continue in that direction. The long-term trajectory is now bullish, and bearish moves essentially don’t have much-staying power. Anyway, these are merely my thoughts. I am definitely keeping an eye on Polygon at these levels. It seems rather likely that a reversal is in play and could offer some really profitable **trading opportunities**. All the best, catch you next time! https://sapphirecrypto.org/2022/05/28/the-crypto-market-is-currently-a-traders-paradise/

Free BTC Every 30 Min https://satoshimonster.com/en/register?r=6e3g5b26 **Disclaimer** First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount. This article was first published on **Sapphire Crypto**. https://sapphirecrypto.org/2023/07/13/polygon-trade-alert-matic-setting-up-for-a-potential-rally/