Polygon had a beautiful double bottom at the Daily 200EMA and as predicted, ripping to the upside and near completing the trade of our last analysis. Where do we go from here?
How do we trade this? 🤔
We likely have more upside to go before we consider a reversal. Wait until the price makes contact with the Resistance Zone at $0.95. Look for a bear signal candle...
MATIC is currently pulling back from its fanning bull channel into a bear channel that currently has two pushes down. This could be a 2-legged trap and the completion of the pullback before heading toward the upside.
How do we trade this?
In the short term, we should be looking for shorts since we've identified this bear channel. If the current 4HR candle...
It is moving in a descending channel. With the failure of the neck line, this pullback can be the return to the broken structure to continue the path and the bottom of the channel of the specified support range.
Matic got support at 0.50 area and formed Double Bottom pattern which means we might see some green candles next few days or weeks. But remember Double Bottom's neck is at 0.55 and must close a candle above it in 1D and 1W TF. Our main target is 0.59 and we can see Matic to go up till the white line which is closest crucial zone to hold downtrend but if candle...
MATIC’s price action rebounded from the mid-range.
The range low is a confluence of a bullish OB in H12 formed on 16 May and another bullish OB formed in H2 on 14 May.
A price rejection at the short-term range high could drag MATIC lower.
Entry: $0.89
Target: $0.84
Stop-Loss: $0.91
RR - 2.8
