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:

• 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.

Comment:

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 closed manually:

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! :)