Updated
MATIC// Possible Bottom
Price has reverted back to a strong area of support and also a primary long term uptrend line.
Adding to this, from the last impulse and retracement, this is a -27% extension which is usually a strong support that then pulls back to the 0% line (which it has) and from there continues the initial move from the extension (down). However, there are also times when price can do the opposite, if any - that time may be now. Check comments for intraday chart.
The current 2 daily candle sshows huge buying momentum in a pinbar and engulfing candle which is a good sign that the trend may still be in contact.
Adding to this, from the last impulse and retracement, this is a -27% extension which is usually a strong support that then pulls back to the 0% line (which it has) and from there continues the initial move from the extension (down). However, there are also times when price can do the opposite, if any - that time may be now. Check comments for intraday chart.
The current 2 daily candle sshows huge buying momentum in a pinbar and engulfing candle which is a good sign that the trend may still be in contact.
Note
4H ViewNote
Weekly View - Sitting at an area of previous support (long wick) which closes above the 61%
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.