MATIC’s sideway structure extends – Can shorting yield gains?
In particular, MATIC has been trading sideways between $0.660 – $0.704 since late July, prompting traders to target range extremes for profits. On Sunday, 13 August, a short squeeze was witnessed after MATIC’s sharp move up the mid-range, only to dip a few hours later.On Friday, 11 August, MATIC breached the mid-range of $0.682 but didn’t register a further drop.
But the range-high presented a much solid entry position for the short position if BTC’s weakening persists. The range-high aligned with the H4 bearish order block of $0.698 – $0.704 , making a more solid bearish zone. Although the Relative Strength Index was neutral at the time of writing, indicating prices could go in any direction, the Chaikin Money Flow edged above the zero mark. It shows capital inflows improved despite the muted buying pressure.
Ergo, if MATIC climbs above the mid-range and graces the range-high, a price reversal could be likely, especially if BTC remains below $29.5k. If so, shorting at the range-high , with a take-profit target at the mid-range , could offer modest gains.
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