After some deliberation and careful consideration, I believe MATIC/USDT has begun corrective wave formation (and why wouldn’t it? It loves following big brother BTC).
I have marked out the impulse Elliott Waves it has completed and I foresee it needing to get to an oversold status (stoch RSI decline) before starting the next wave.
The projections of the corrective formation are not an estimate of magnitude or duration but an indication that I believe it will be heading downwards. It may head approximately to the 0.00850-0.010 level. If it breaks this level down further, we can blame it all on bitcoin.
If it is the start of a new wave (which I doubt), it will need to complete correction downwards either way – meaning a decline in RSI and price.
As to when, it starts its next wave will wholly depend on BTC’s movements. I could be wrong, but hey, nothing surprises me in the world of crypto anymore. In the interim, it is possible to indulge in short-term trades as it corrects.
Here’s to wishing BTC whales get over distribution of their wealth to FOMOs soon so we can all get on with our lives. :\
Now that you have a sense of the type of analysis I do and the premium charts I publish privately, know that there are other excellent trade opportunities when BTC initiates its downtrend (now available only on Purple Crypto Premium).
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Trading View link: https://www.tradingview.com/chart/MATICUSDT/CIfaEBBz-MATIC-USDT-Forecast-Analysis/