This is a big call but requires some patients to see how this is going to play out, for now matic is still in a slow bleed and heading towards a level on the higher time frames that created some demand. Expecting selling pressure to slow down soon with a divergence building on the CCI, not expecting a reversal and more so a consolidation forming a new bear flag.
If we get this bearish pattern Ill be taking an aggressive entry at the top of the range to offer a high RR of around 7-8:1 at 1R
Targeting around .00001678 sats from where we had market structure back in may, since the run matic had being quite parabolic im expecting this to continue to retrace a good 70-80% from the new high from a base of around the 500 sat mark. My target is basically the 786 which ill be more than happy to front run at 7:1
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Sorry just for clarification, Ill be watching this against BTC to form this pattern but Ill be trading this on FTX against USD short
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formation went bad, no consolidation that i was looking for, give this one a wide birth for now