Hey friends, hope you are well and welcome to the new update on Matic network.
A H & S move:
On daily chart, since first week of Nov 2020, the priceline o Matic token is moving within an up channel. At this time the price action of Matic network is moving down to the support of this channel. This time there are strong chances that the priceline may breakdown the support of this channel. Because, the price action is completing a Head & Shoulder pattern.
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A bullish Shark move:
While the formation of H & S the price action of Matic is also completing the final leg of bullish Shark pattern. Therefore there is strong possibility of bullish rally after this dump by the head and shoulder move.
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The buying and sell targets as per Fibonacci sequence of Shark can be as below:
Potential reversal or buying zone: 0.00000085 to 0.00000076 btc
Fibonacci projection or sell zone: 0.00000095 to 0.00000115 btc
Conclusion:
There is a possibility of extreme dump, for the completion of final bearish leg therefore we can place our buying orders in PRZ level of Shark move. But the same potential reversal zone should be used as a stop loss as well.
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