Polygon (MATIC) to 5 cents

On the above 2-day chart price action has broken market structure after a 21000% rally in the past 12 months. The trend is your friend, until the end. The end is here. So why so bearish?

1) On the 2-day chart above price action breaks market structure. Don’t ignore that, especially after a 21000% rally.

2) A ‘incredible sell’ signal prints on the 10-day chart (below) with Multiple oscillators printing bearish divergence.

3) The weekly MATIC / BTC chart below prints a ‘double top’ as RSI prints a lower high.

4) Almost 96/100 ideas on tradingview are bullish!!!

Why 5 cents? It is the first support level on the monthly chart (below), which also happens to be the golden ratio.

A sell from $1.90 is amazing if you can get it.

Good luck!

WW

Weekly MATIC / BTC chart - double top

Monthly chart showing support

PS: This idea is going to rub some folks up the wrong way, I get it. Before becoming one of them read the ideas on the other big market cap shorts recently published, no one wants to hear it and I don’t want you to lose all those nice profits.

Short ADA @ $2.34 September

Short Ethereum @ $4.5k

Short THETA @ $5 December

Comment:

Reading all the comments, the push back, it is entertaining ;)

You know, here's a story... when I bought MATIC just over 1 cent per token back in late 2019 following the publication of the idea below... You know how many folks commented? Nadda, not one. No one was interested. Fast forward 24 months later, how dare you!

Folks I've been doing this for a while, this is how markets work. You go long when it is tumbleweed and head for the exit when your granny is talking about it.

Trade active:

2-week Stochastic RSI just dropped below 20.

Trade active:

Price action rejects the 21-week EMA on the weekly chart. Get out while you can, it is downhill from here on.

Trade active

Trade active:

"Get out while you can" was written a month ago. Now down another 50%. You probably think price action is a steal now don't you? Couldn't be further from the truth.

** Target update ** now 3 cents.

Price action on the weekly prints and confirms a death cross. There is no support until the 3-5 cent area.

Yes price action will likely rally to $1+ again, everyone gets excited. Use that as an opportunity to exit.

Comment:

Buy signal appeared, expect a relief rally to $1 before continuing downtrend.

Comment:

Just scanning through the monthly charts.. I'm aghast a the number of 'long' ideas on Tradingview when the macro picture looks like this.

Comment:

Down almost 70% since publication. Still plenty go, no sign of a buy signal.

Comment:

Back testing past resistance with buy signal, a bounce should be expected. The overall idea is unchanged, however.

Comment:

Expect a move to the $1 area. Not saying that's this idea closed. Got to see price action finding support on the 21-week EMA to confirm that.

Comment:

As mentioned above a rally to the $1 area should now be expected. That has happened and the fanboys are all bullish.

The facts are:

1) Price action is printing lower highs lows.

2) Price action is under the 21-week EMA (red line). Only once green can you be bullish.

3) Market structure is broken!! Price action is rallying into past support to test as resistance.

Is this rally is NOT a bear market rally price action must break up and beyond $1.

Comment:

A lot of message 'is it over?'

No

$1.40. Get past this level first, then we'll talk.

Comment:

Some extra study...

Market structure was and remains broken. Until that changes…

The bull-flag breakout suggests a $2.20 target. If price action does not continue past here it will be a macro lower high.

Trade active:

take profits

Comment:

Had a few messages asking how I knew to take profits, that a collapse was coming. I did not know a collapse was coming, just as surprised as everyone else.
However on this token there was a strong sell signal after a strong upward move hence the previous update 'take profits'.

Trade active:

Hope you all got the profits from early November.

Back to business, downwards and onwards to 5 cents.

Comment:

14 days until a new monthly candle prints. If you're a bull, watch this chart. IF the candle closes RED... then act, don't sit on hopes and prayers telling me about the wonderful fundamentals.

Comment:

By the end of February we shall know if this idea is dead in the water or alive and well. What I find crazy is the long ideas on tradingview calling for 50x and more on a $10b market cap. Such moves would make the project (that no one uses) to be six times more valuable than the VW group! Or indeed almost the same valuation as Tesla!!

Talk about a bubble...

3-day MATIC / BTC pair

Comment:

On the last update a rising wedge was printing. Price action simply must move up 10% before the end of today's trading session to stop the BTC pair confirming the wedge breakdown.


1-day

Trade active:

The ideas WW publishes on tradingview use multi-time frame analysis. The monthly chart was the first step before the MATIC to 5 cents idea was published. When the 1st wedge broke down on the monthly the idea was published around February 2022.

Here we are one year later and history appears to be repeating. If you see price action < 90 cents in the coming weeks then expect <15 cents in the months ahead.

Ww


Monthly chart

Comment:

5 days remain to prevent this monthly candle from printing. Right now it is confirming an incredibly bearish pattern. Look left. IF the candle prints as is / under 90 cents then MATIC price action will collapse a further 90% after a 40% correction since publishing.

This update is only made because of a message asking ‘is the 5 cent idea still valid’, a big fat yes. And no the rest of the market does not collapse if MATIC collapses.

I do not know why or what is causing this just accept you’ve been given fair warning!

Ww

1-month chart

Trade active:

** breakdown confirmed **

The monthly candle did indeed close below the rising wedge just as with the first rising wedge in late 2021. A 80% correction from here on.

Comment:

No my opinion on MATIC has not change, stop asking!

Will keep going down, all the way down until around 10 cents.