Keeping MATIC on my watch list as it continues to form a bearish structure and if the timing works out well between this setup and BTC, it will be an excellent short to capitalize on.
We got a loss of strong resistance at $0.75 on the last major market pullback.
We also have downtrend market structure forming for several months which price action is slowly working its way toward again.
Zooming in on a smaller timeframe here (4hr chart):
On a 4hr chart, the weak recovery takes the shape of a bear flag. And with the idea of resistance and market structure coming up, this setup does not have much time before it could be considered invalidated which is why I like these setups a lot.
If BTC doesn’t show bearish enough signs to enter this short, then this idea can get tossed in the bin, but its a good setup to keep on deck
Keeping MATIC on my watch list as it continues to form a bearish structure and if the timing works out well between this setup and BTC, it will be an excellent short to capitalize on.
We got a loss of strong resistance at $0.75 on the last major market pullback.
We also have downtrend market structure forming for several months which price action is slowly working its way toward again.
Zooming in on a smaller timeframe here (4hr chart):
On a 4hr chart, the weak recovery takes the shape of a bear flag. And with the idea of resistance and market structure coming up, this setup does not have much time before it could be considered invalidated which is why I like these setups a lot.
If BTC doesn’t show bearish enough signs to enter this short, then this idea can get tossed in the bin, but its a good setup to keep on deck