MATIC broke the uptrend and now building a bear flag beneath. The measured move is somewhere near $1, which seems reasonable as it would be 70% off the ATHs, similar to other big washouts for altcoins.
In order for this to play out, AMZN would have to miss EPS after the close today and crypto has to follow tech down as it has the past couple months. Unlikely that crypto decouples here from the stock market but anything's possible.
With large cap tech being punished like shitcoins (FB, PYPL, NFLX, etc.), the market is clearly unhealthy and these outsized moves can happen.
Cash is king.
In order for this to play out, AMZN would have to miss EPS after the close today and crypto has to follow tech down as it has the past couple months. Unlikely that crypto decouples here from the stock market but anything's possible.
With large cap tech being punished like shitcoins (FB, PYPL, NFLX, etc.), the market is clearly unhealthy and these outsized moves can happen.
Cash is king.
Comment:
AMZN beat along with other tech names. QQQ rising significantly AH means this is less likely to play out