I am sure this one will not be so popular as many are quite bullish right now on Matic Polygon. It appears, however, that the bulls still have much work ahead of them before a true bullish edge can present itself. On all time frames, you have 3 very bearish indicators:
1) a downward sloping supply line continues to be a wet blanket on the price.
2) we are trading underneath the EMA ribbon on the daily for over a week now with little to no bullish momentum in sight.
3) we are also trading underneath the .236 fib level and now all of these things are coming into bearish confluence at the same time.
Any move whatsoever to the upside could easily result in a quick wick for a rejection right back to the downside.
If the altcoins can continue to gain momentum, Matic may have a shot but it will have its work cut out for itself as there does not appear to be any immediate edge for a long yet until bulls can at least mount a breakout and full body WEEKLY candle close above the downward sloping red resistance line.
1) a downward sloping supply line continues to be a wet blanket on the price.
2) we are trading underneath the EMA ribbon on the daily for over a week now with little to no bullish momentum in sight.
3) we are also trading underneath the .236 fib level and now all of these things are coming into bearish confluence at the same time.
Any move whatsoever to the upside could easily result in a quick wick for a rejection right back to the downside.
If the altcoins can continue to gain momentum, Matic may have a shot but it will have its work cut out for itself as there does not appear to be any immediate edge for a long yet until bulls can at least mount a breakout and full body WEEKLY candle close above the downward sloping red resistance line.
