MATIC buyer exhaustion could see prices fall to $0.77
The bullish order block on the daily timeframe formed on 18 Jan has acted as strong support back in March
The retest of this zone on 9 March saw prices bounce to $1.24
The subsequent retest in late April did not see a positive reaction- instead, MATIC continued to slide lower from $1.025 to $0.977 over the past two weeks
Therefore a daily session close below the bullish order block ($0.925) and retest of the $0.96-$1 area could offer a shorting opportunity
Entry: $0.996
Exit: $0.837 (a more ambitious target would be $0.77)
Stop-loss: $1.07 (above recent wick)
The retest of this zone on 9 March saw prices bounce to $1.24
The subsequent retest in late April did not see a positive reaction- instead, MATIC continued to slide lower from $1.025 to $0.977 over the past two weeks
Therefore a daily session close below the bullish order block ($0.925) and retest of the $0.96-$1 area could offer a shorting opportunity
Entry: $0.996
Exit: $0.837 (a more ambitious target would be $0.77)
Stop-loss: $1.07 (above recent wick)