Foreign Video about polygon medic a very Frustrating chart a very choppy chart a Very difficult chart to read as well and The reason to be honest much to add to My last video but I know there are a lot Of people who are interested in inmatic So again the view remains I mean maybe Let's start in the four hour yeah let's Start and zoom out a little bit and just To give a bit of context So first of all it is still one of the In my opinion best charts that is out There for crypto it is not a bearish Chart there is nothing bearish on this Chart until we drop below 47 cents Below this support level and area this Area is based on the idea that we've Moved up in a wave oops High enough so if we've moved up here Second to a wave one I haven't adjusted That properly Roughly roughly correct so we've moved Up in um to wave one here around 1.5 and Then we have come down in a wave two and Touched sort of this support area for The first time that was around 69 70 Cents here back in September and since Then we've been moving up and Um the idea is that we would be in a way Of three to the upside already because We've done the wave one we've done the Wave two we're now in the wave three However it has been extremely messy
Price action and that has been due to The various various reasons for that or Not reasons but why is it considered Messy it is considered messy because you Had a lot of overlaps on the way up here A lot of overlapping price action wasn't Great anyway Um but we could look at it from a Bullish point of view as long as certain Support levels were adhered to we had Here a long entry Um which would have worked outwards Um but Still this all was getting messy right One two here and ABC and three Um then away four and maybe a five but I'm not happy about that because if you Count it as five wave move up it has to Be a truncated wave Um yeah so all of it messy Um but it could be part of wave three it Could be as long as certain conditions Are fulfilled we then came down crashing Here based on FTX uh the FTX let's say Scandal Um we did however hold a higher low so It could be really that this was within The yellow Wave 3 which is somewhere up There right which just showed you this It could have been a wave one And this could have been the Wave 2 of 3 A very awful wave two that would have Been Um and then we would say that we are now
Possibly in the way of three of three But I don't really have the evidence for That because this looks like an a Horrible triangle here Which is unfolding which yeah you know Um could have the lower trend line could Have been broken now to be honest so There's different ways of how you draw This Um and it's not highly reliable that Triangle but what you can see is that we Put a quite a red candle in place and We're currently coming down to 84 And to make it work as a so-called one Two and maybe even one two setup within The Wave 3 we would need to hold first Of all here the 80 did it yeah 83 level Basically or 83 and a half I talked About in the last video the way we are Coming down here the price is fighting Um and unfortunately this entire chart Due to the the choppy price action it Doesn't really give us Well it doesn't really give us an edge Right so I can really only tell you and I talked about that in the ethereum Video because we are caught in these Ranges at the moment that it really is Not much more than if this happens then That happens so for me at the moment It's very clear if we go below the 83 Cent level below that Wave 2 low here From the 14th of November then we are Going to most likely drop a cannon to
The yellow support box That is located between 47 cents and 69. In a deeper wave too so basically what I Would have to do then is to put the wave To here and we would have to say that Where I originally had the Wave 2 it was Only a wave a of a larger wave two so Here wave a overshooting wave B and We're coming down in a wave C of two And really this is the level that needs To hold 83 cents as long as it holds we Have a good chance to to move up in the Third wave But the entire messy price action yeah You know it it really pushes us into a Situation where we can really only say If this level breaks then this is most Likely going to happen because the Interpretation generally just the Interpretation of the chart leaves a few Um few you know you can you have a few Possible interpretations basically you Could say that we are currently just Coming down as I said to you in the C Wave and we will come down and make a Lower low here Um but still hold the 47 Cent level Which would be generally bullish or we Are going to Rally straight away but There's no evidence for it yet so we're Really really testing key support levels Here at the moment and It doesn't really give you an edge at The moment to be honest and you know
There's no shame in admitting that it's Just sometimes the case in these markets And um you need to know that this is Extremely uncertain at the moment this Is of course not always the case but Sometimes you get these situations Especially when you are in a range and This is really everything I can give you Without you know making stuff up really So that's where we are I mean you can Use some but even if you use indicators It doesn't really help you because You're just sort of moving sideways at The moment you are sort of caught in This range and it's all about this Support level I believe the 83 Cent Level I mean if you drop below that you Still have the low here at around 77 76 Cents so theoretically you could still Start to move up from there but you are Then so much down to support Um that you've basically retraced too Much to make it likely and that is why I Would then below 83 cents I would be in Favor of of an immediate sell-off as Long as we're holding above that we Could still look at higher here in five Waves but don't get me wrong it's not Highly reliable okay so that's really Everything I can tell you at the moment About medic hope we get some more Clarity soon I think you'll probably Hope for that as well because Clarity is Good so
Um yeah that's where we are I mean Currently we see here red candles in the Market and we have recently also lost The support of this ascending broadening Wedge as well which isn't great So until we really see here a smaller Five wave impulse to the upside things Are uncertain Okay that's my update about Matic so Hope 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 Thank you