This is one of the alts that I'm holding for a swing short now that btc is dumping below the large triangle it's in.
The main thing that stands out about matic is the stark lack of volume. It's pretty much a ghost town.
This means no buyers have stepped in even at much lower prices.
I think tagging the pitchfork median is very realistic and ultimately the .0035 area is a target.
Once btc becomes bullish again this could be the focus of short squeezes so I'll get out on significant btc strength but in the mean time I think it's an alt that has cracked and going to trend sharply lower.
The main thing that stands out about matic is the stark lack of volume. It's pretty much a ghost town.
This means no buyers have stepped in even at much lower prices.
I think tagging the pitchfork median is very realistic and ultimately the .0035 area is a target.
Once btc becomes bullish again this could be the focus of short squeezes so I'll get out on significant btc strength but in the mean time I think it's an alt that has cracked and going to trend sharply lower.