Polygon (MATIC) Nearing Massive Triangle Bullish Breakout as Bitcoin Sees First Weekly Red Close Since October

Crypto trader Captain Faibik highlighted an interesting development in the bitcoin market this past week: the first weekly red close for BTC since early October.

He notes that this marks the end of an 8-week run of positive momentum for bitcoin. Up until now, BTC had carved out eight straight winning weeks, buoyed by growing institutional adoption and a bullish market structure. However, sentiment can shift rapidly in crypto, and a single red weekly candle was enough for bearish voices to emerge across the market.

Importantly, though, Faibik believes the long-term bull case still looks intact, stating, “Bulls are Still in Complete Control.” So while bitcoin’s meteoric rise has paused, the macrobull trend appears to remain unchanged, at least for now. With BTC still up significantly in 2023, there is ample room for periodic cooldowns amidst a larger uptrend.

Meanwhile, Faibik points out that Polygon’s MATIC token is setting up for a potential breakout, as it appears to be coming to the end of a period of consolidation within a large symmetrical triangle pattern on its multi-month chart.

Transform Hundreds Into Millions With the Magic of Memecoins – think $BONK, but bigger!🤫

The key? Getting in early, especially during the IDO phase. Get in on NuggetRush now! This innovative memecoin blends play-to-earn gaming with real-world gold mining. Join soon to take advantage of the current ICO prices!

Show more +

He believes a clean break above triangle resistance could trigger substantial upside, with Faibik eyeing further gains into early 2024 if Polygon can begin trending higher again here.

Presently, there is an interesting mix of caution and optimism across crypto markets. While BTC’s bull run has shown the first cracks, opportunities like MATIC demonstrate the potential for big breakouts heading into 2024.

You may also be interested in:

Check NuggetRush ($NUGX)

Sponsored: Invest Responsibly, Do Your Own Research.
Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Felix Küster
Felix Küster

Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community - both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.

CaptainAltcoin
Logo