MATIC: RARE Pattern ! Three Drive spotted 📉

29 Nis 2024

📉 MATIC - USDT 📈

The three-drive is a rare price pattern formed by three consecutive symmetrical moves (or drives) up or down. In its bullish form, the market is making three final drives to a bottom before an uptrend forms. In a bearish three-drive, it is peaking before the bears take over. this means that we SHOULD bottom soon, at least. And the next landing zone could be a good accumulation point.

At first glance, it may appear bullish - since the price is now consolidating under a "resistance zone", which is normally a bullish indicator when the price is INCREASING, but not when the price is decreasing.

This is infact not consolidation under a resistance zone, but should be seen instead as another failed bounce on a key support zone.

The immediate price we can expect to see in the short term is 0.59c, however this zone was already tested with a wick - meaning it will be weaker when we head there for a second test.

Although it's a great alt to have as a part of your diversified portfolio; I've been bearish on Matic for a while, with my previous update also cautioning sell for short term:

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CryptoCheck

$BINANCE:MATICUSDT

29 Nis 2024

Not

Another SHORT opportunity:

30 Nis 2024

Not

MATIC: strong selling pressure in lower timeframes, target may hit sooner than expected: