MATIC Symmetrical Triangle|Resistance confluence|Volume Climax

Evening Traders,

Today’s technical analysis will focus on MATICBTC, breaking out of a symmetrical triangle with strong bull volume, currently facing resistance from the 200 EMA.

Points to consider,
- Macro trend bearish
- True pattern breakout
- 200 EMA is local resistance
- Retest of local support probable
- RSI in overbought region
- Stochastics in upper region
- Volume climax evident

MATIC’s overall trend is still bearish with consecutive lower highs in place; it must break and consolidate above the .382 Fibonacci to establish a new higher high.

A true breakout of the symmetrical triangle came to fruition with strong convincing bull volume. This volume must sustain for further upside momentum.

The 200 EMA is currently local resistance, MATIC is likely to retrace from this level back for a retest of local support. The local support aligns with the .618 Fibonacci drawn from the 200 EMA resistance.

The RSI is currently in overbought conditions, a return to neutral territory is probable if a retrace comes to fruition. Stochastics on the other hand is floating in the upper regions with lots of stored momentum to the downside.

A volume climax node is evident; engulfing all previous nodes, bull volume follow through is needed to break resistance confluence.

Overall, in my opinion, MATICBTC is likely to come and retest local support; this will allow the RSI to cool off before the next impulse move back and above the 200 EMA.

What are your thoughts?

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And remember,

“Sheer will and determination is no substitute for something that actually works.” – Jason Klatt