✴️ Polygon Goes Bearish (Full Analysis)

٦ يناير

We looked at Polygon recently, we saw a bullish pattern with a bullish breakout, yes!
But later there was no follow up and the bears showed up with force.

The bears (sellers) pushed the price of MATICUSDT down but EMA50 worked as support, this happened 3-Jan. as shown on the chart.

Two days MATICUSDT remained above EMA50, the bulls feeling safe... Today, everything changed.

➖ MATICUSDT is now trading below EMA50 but confirmation is needed once the daily session closes below this level (0.8528).

👉 Trading below EMA50 means that medium-term bearish potential has been confirmed. For us medium-term means between 1-3 months.

Below EMA10 short-term bullish potential becomes active;
Below EMA21 short-term bearish potential is confirmed;
Below EMA50...

Will it recover above EMA50 and become bullish again?
This is what happened 20-Dec., so a correction is more likely than a recovery at this time.

To me the correction is already confirmed, I've been bearish since November 2023 but we are not all the same... Some people take longer to realize, or better yet, to accept what the chart continues to say.

The RSI peaked in November so we have the bearish divergence and now moving below 50, all pointing lower... It worked on the way up, it works on the way down as well. These are simple signals yet very strong because simple is always best.

Targets can be seen on the chart.

Thank you for reading.

Namaste.