Medium Term analysis on MATIC USDT, based on the idea that Bitcoin will not sustain the downward ranging pattern we are forming at the moment. MATIC found strong support at 61.8% fib level and Anchor VWAP from the lows off 0.3 cents, meaning that bulls want to take control of the chart. An AB=CD harmonic pattern is not out of the picture, putting us testing the highs before finishing the medium term cycle at confluence zone.
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On Saturday 13/06, Bitcoin broke the downward channel to the upside, having a positive reflection on MATIC. This behaviour is putting more probability that an AB=CD harmonic pattern will be more likely to play out!
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The positive momentum in the market for the past few days is real. A release (relief) push after one month and half of selling pressure, is forming a solid foundation for buying pressure. At this point the AB=CD target to 78.6% Fibonacci is unlikely to happen. We did indeed reached 70.2%, witch gives us comfort for a reversal.