MATIC/BTC 4H Breakout retracement entry possible.
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MATIC experienced a nice breakout and now seems to be running out of steam a bit. The buyers are getting exhausted as the RSI shows it's overbought with a slight bearish divergence on the RSI as well.
It's still bullish as these uptrends usually have three upcycles ( Elliot wave ). And the Tenkan ( Yellow line ) broke away nicely from the Kijun ( Dark Blue line ) which is also a bullish indication.
But as always chasing is not a good plan. So if it comes back into the Purple box where the R1, Kijun, and Tenkan reside and doesn't bounce it was a fakeout. If it does bounce on these as they should act as strong support, that would confirm the trend and be an ideal Long entry position.
If you would like to daytrade it for a riskier play, you could short the retracement as well.
MATIC experienced a nice breakout and now seems to be running out of steam a bit. The buyers are getting exhausted as the RSI shows it's overbought with a slight bearish divergence on the RSI as well.
It's still bullish as these uptrends usually have three upcycles ( Elliot wave ). And the Tenkan ( Yellow line ) broke away nicely from the Kijun ( Dark Blue line ) which is also a bullish indication.
But as always chasing is not a good plan. So if it comes back into the Purple box where the R1, Kijun, and Tenkan reside and doesn't bounce it was a fakeout. If it does bounce on these as they should act as strong support, that would confirm the trend and be an ideal Long entry position.
If you would like to daytrade it for a riskier play, you could short the retracement as well.