Foreign To another update video about polygon Matic it won't be a long one because we Haven't really moved a lot since the Last update but Um if I can remember correctly yesterday Or when I made the last video we were Still stuck here in this um within this Sort of pattern I think we just had Found support here in this so-called Where you could call it an ascending Wedge it wasn't a very clearly defined One but we had a trend line here that Trend line broke we've retested it from Below and you know we are on our way Down and the thing is in the very short Term If we take out here this previous low at 86 cents that would already lead I Believe to a move down to 83 and a half And if we lose the 83 and a half cent Level or let's call it the 83 Cent level I think this opens the door finally to 70 cents I'm starting to carefully Um slowly favor an imminent sell-off Here that would not be bearish yeah Anybody who's been watching my previous Videos knows that Um this chart will only turn bearish Below 47 cents until then it is entirely Possible that if I zoom out again That what I have put down here as a wave Two so we looked at this and said okay From the June low we moved up in a wave
One came down in two this could be away Three but it is an extremely messy wave Three all right this is a a whole it's An absolute mess here yes of course it Has been a bit what has been Substantially affected by FTX so that Really messed this bit up of the chart And I think that is why a lot of the Charts are fighting at the moment Because the charts that were looking Really good they have sort of had this Catalyst Um it was quite a strong down a strong Move down affected by FTX from you know Last week Um and and they are fighting you know They are fighting but this mess doesn't Really look like a clear Wave 3 to me It's still possible but it is very very Much possible especially if we break Below the 83 and a half cent level that For me is the key Pivot Point 83 and a Half cents if we lose this level then I Will probably move the wave to here and Say that um this was just a large a b c Correction and we come down into the Region between 70 and 47 cents to finish Off the Wave 2 here until then I leave It here there's still a chance to move Higher but it's getting less and less Likely just because we're getting so Close to these uh invalidation points Here I mean already below 86 cents You're invalidating this smaller
Possible uptrend bit uptrending pattern Um but below 83 83 and a half this one Two is done and this imminent possible Breakout is also not going to work out Especially because you know we broke Below this trend line here Um yeah I'm not um not too happy about That well not happy I mean I actually am Happy because I did take profits at Around 1.10 I think that was around here Made you aware we then did move all the Way up to 130 but eventually came down Strongly so I'm actually looking for Another entry point I think if we get Down to around 70 cents I'm gonna go Gonna enter again so I'm actually not Too unhappy about this but from you know From my point of view then we could Start to move up again Um this is the key support area I mean There's still a chance from now but it's Basically lost the key support areas It's lost the Um support in this Channel or wedge Pattern it's lost this trend line I'm Going to take that out now by the way Um just to make the chart a bit clearer So yeah I think the the focus is getting More and more here towards the downside I think what what I think is going to Happen on the weekend this is um well it Might be a boring weekend but I think It's sort of a last chance weekend where The bullish scenario is also in Bitcoin
And ethereum can work out it's going to Be an important weekend if we are losing Key levels on the weekend for example or Into early next week then Um we're probably going to put new lows In But yeah interesting certainly one of The most interesting charts to watch Here at the moment Um and yeah that's basically it about Matic so hopefully you like the update If you did please hit the like button Leave a comment and subscribe and if you Really like the content then please Check out the channel membership thanks A lot for watching bye