As indicated in the technical analysis of last week, $POL has been consolidating above its main support. Such building up, which is discussed by #SocialMining members of @Polygon 's #PolygonHub , may be an indication of solid foundation after which the price might now target orange placed resistance mark. But it all depends on whether the upper resistance can be pierced.
According to it, the positive direction is conditional to the stable market situation. There is the potential for the price to retrace back to the still older supports in case sentiment fails. Instead, the Social Mining participants tend to see these retreats as chances to deploy cost cutting measures, e.g. incremental purchases at the lower zones, to replicate over time a better entry of their position.
This sort of strategy sharing--where traders share annotated charts, backtesting notes and various alternate possibilities--makes mundane analysis a collaborative endeavor. Covering both bullish and bearish routes, community attempts to develop more balanced view and does not make too one-sided projections.
In a Social Mining environment, such interactions improve the technical as well as the psychological trading skills of participants. The debate of support holds, resistance breakouts and reversals generated by markets open a window between theory and live data, and allows a more flexible and usable analysis to take place.
