Consider the main movement of MATIC is based on the green ascending channel, so the price went down to the bottom of the channel.
According to this supposition moving up in next day is possible.
But the first requirement for assurance of an upward move in this moment is breaking up the support on the 1.63 line.
This is really important because all of the supposition above can be failed if the price breaking the bottom line of the green trend line and goes down below this channel.
According to this supposition moving up in next day is possible.
- 1- There is a divergence in MACD so this could approve ascending movement.
- 2- Also the price has hit the 45 days period MA line that was a dynamic trend line in the past of the market.
- 3- There is a hammer candlestick pattern that strengthens the possibility of ending the retracement.
- 4- Volume has been sharply decreased and it shows price is on a support zone.
- 5- The price is on the 61.8% Fibonacci of the last wave and this is an important zone of retracement.
But the first requirement for assurance of an upward move in this moment is breaking up the support on the 1.63 line.
This is really important because all of the supposition above can be failed if the price breaking the bottom line of the green trend line and goes down below this channel.