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MATIC/USD - Massive descending triangle. $0.75 and $0.40 next?
MATIC is in a corrective pattern after its massive pump to $2.5.
We seem to have formed a large descending triangle (in blue) which will likely have price bounce around its support and resistance levels for quite a while.
I don't expect us to leave this triangle until early 2022. Hence, make sure to consider any decision based on this structure. The most immediate support is around $0.75 which can act as support, it did last time. However, if the overall market turns bearish and BTC/ETH breaks their key support, then MATIC will have a quick dive to $0.4 which is our next significant support.
If that fails then we have a lot of air beneath us. You don't want that to happen.
Large timeframe indicators are all bearish, so apart from some bounces at key levels, we will slowly bleed down to the two support levels stated.
Volume is also very low, so bias remains bearish medium term.
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We seem to have formed a large descending triangle (in blue) which will likely have price bounce around its support and resistance levels for quite a while.
I don't expect us to leave this triangle until early 2022. Hence, make sure to consider any decision based on this structure. The most immediate support is around $0.75 which can act as support, it did last time. However, if the overall market turns bearish and BTC/ETH breaks their key support, then MATIC will have a quick dive to $0.4 which is our next significant support.
If that fails then we have a lot of air beneath us. You don't want that to happen.
Large timeframe indicators are all bearish, so apart from some bounces at key levels, we will slowly bleed down to the two support levels stated.
Volume is also very low, so bias remains bearish medium term.
Like and follow if you liked this idea!
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