Short
I present you, MATIC, the sandworm.
MATIC is looking like an ugly sandworm from Beetlejuice on our 4hr chart.
I think MATIC will go up to test resistance again before falling to test the support of the descending wedge which sits right on top of 200 sat. Reason being is that I don't see strong support at 230-220 and resistance of the wedge has been really strong. Volume is really unimpressive at these levels. Next line of support if the descending wedge support fails would be at our .236 of our Fib Retracement and 200 SMA(red line) sitting at 173 sat. Anywhere from 175-200 sat or breakout and confirmation from the descending wedge is where I'll be looking to make my entry.
We're also probably experiencing the BTC ripple effect. BTC is at a crucial moment, so alts become riskier for investors.
I think MATIC will go up to test resistance again before falling to test the support of the descending wedge which sits right on top of 200 sat. Reason being is that I don't see strong support at 230-220 and resistance of the wedge has been really strong. Volume is really unimpressive at these levels. Next line of support if the descending wedge support fails would be at our .236 of our Fib Retracement and 200 SMA(red line) sitting at 173 sat. Anywhere from 175-200 sat or breakout and confirmation from the descending wedge is where I'll be looking to make my entry.
We're also probably experiencing the BTC ripple effect. BTC is at a crucial moment, so alts become riskier for investors.
Note
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.