✳️ Polygon | Potential Bottom Catch 🙌

21 de dez. de 2023

Yesterday MATICBTC hit a 1.5 year long low and this can potentially be the bearish wave bottom... Let's dive in.

We are looking at Polygon vs Bitcoin on the daily timeframe.

After a peak in February, a major downtrend developed and yesterday a new low came in. This is the lowest price hit for MATICBTC since June 2022... If the reversal happens here, this can be great news.

The initial bounce after the October low is the first indication that the bearish wave is over or coming to an end. The lower low yesterday is not a strong lower low but rather a technical double bottom. Technical because a double bottom to be valid needs to be only in the vicinity of a previous low and not the exact same price.

If the low went 20-30% lower compared to October, that would definitely count as a lower low and bullish reversal potential would be so much weaker. That's not the case today.

So we have our double bottom and the lowest level in 1.5 years.
If a reversal happens now we have a bottom catch; Ultra-low risk, amazing potential for growth.

Namaste.