✴️ Looking Into Polygon's Correction To A New Higher High Long

MATIC / Tether Perpetual Linear Swap ContractBitMEX

Description

⋅ May 22, 2023 10:12 PM

Polygon's correction, MATICUSDT, has been going now for more than three months.

The total drop amounts to 48% from Febs peak price to May's low.

The current price is trading below the 0.786 Fib. retracement level support...

A very strong correction by all standards but MATICUSDT continues trading within a higher low (compared to its late Dec. 2022 low).

Hidden bullish divergence on the RSI.

Very low bear volume on the last low with the session,12-May, closing green.

Looking at Litecoin and Lido, for comparison, we can start to speculate that the correction low is more likely than not to be in.

The low volume is quite telling.

The entire correction phase, 90 days, produced very little volume compared to the bullish wave, 49 days...
These are bullish signals.

A higher low can lead to a higher high... Patience is key, but what comes next will be twice what we saw in late January... It is about to get good.

Namaste.

Comments

Bluechipinvestments

⋅ May 23, 2023 12:31 PM

tradingview.com/chart/BGkp8wQB/ OTHERS CAP what drove the 6% I believe it was cloaked entries.

Bluechipinvestments

⋅ May 23, 2023 12:25 PM

I would agree, the ALts are bubbling, I could not understand WHY the Market cap jumped 6% the other day. However my watchlist was down 4-5% on most of the assets i was tracking. Lead me to believe we are about to see a Short term pump. Thank you for the great TA, and sharing with us.

tradingview.com/chart/BGkp8wQB/

DeGRAM

⋅ May 23, 2023 11:26 AM

wo thumbs up 👍👍! Like it