MATIC Network (MATICBTC): Retracement done or not?
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.
Giao dịch được đóng thủ công:
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! :)
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! :)
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