MATIC Network (MATICBTC): Retracement done or not?
Aktualisiert
Let's see the chart!
Pattern:
After the previous parabolic rise, MATIC has been retracing healthily and has been retesting the 50% retracement several times and has bounced back up each time.
We can safely say that this is a new support (290-300 sats). However, do take note that usually a parabolic rally up would be followed by a deep retracement (between 70%-80%).
As for now, we can see that a symmetrical triangle is forming and it seems like there is a mini breakout for this triangle. We expect it to first test the immediate resistances (352-435 sats).
Indicator:
We shall observe the MATIC movement closely for the next few days to get a clearer view.
Pattern:
After the previous parabolic rise, MATIC has been retracing healthily and has been retesting the 50% retracement several times and has bounced back up each time.
We can safely say that this is a new support (290-300 sats). However, do take note that usually a parabolic rally up would be followed by a deep retracement (between 70%-80%).
As for now, we can see that a symmetrical triangle is forming and it seems like there is a mini breakout for this triangle. We expect it to first test the immediate resistances (352-435 sats).
Indicator:
- MACD: Bullish crossover
- RSI: Plenty of room for growth
We shall observe the MATIC movement closely for the next few days to get a clearer view.
Anmerkung
As expected, that mini breakout was just mini, not enough volume for it to start a rally. It quickly bounced down upon reaching the 61.8% retracement (352 sats). I would open a position if the candle closes above 352 sats on the 4H time frame.Trade plan:
Enter if candle closes above 352 sats on the 4H time frame.
Buy range: 353-360 sats
Targets: 388-435-504 sats
Stop-loss (10%): 316 sats
Trade wurde manuell geschlossen
Strong support 270 was broken.Matic could do down further towards 237 and then 165.
As for now, let's wait for Matic to settle. More trading opportunities will appear! :)
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