SOL is considered a Major now.
Indicators are looking mighty exhausted and overbought now.
I think money from the majors will slide into alts for a ride then slide back into the majors.
PA could do one last spike upwards before the grand slide downwards.
All this "Trump Crypto CZAR" epic political ruckus, could perhaps hold the Majors with HIGH strung out indicators which keep bouncing off the ceiling and PA with all crypto goes widely insane "to the moon"
"if it does go Parabolic"
Target Prices: $371.oo ~and~ $415.oo
Long Term hold and sell: after $600.oo breaks
That takes a lot of the worlds money to push insanity prices to insanity levels... make sure to take money off the table on the way up.... the drop will be epic as traders cash out.
All in all, I have "No Money" ever invested in SOL.
I wanted to post my first look into SOL and watch for a future set-up, I am becoming very interested in SOL.
Unfortunately my first post is an overwhelming PA move to the downside at some point soon, which forces me to place a "short" call-out on this published idea.....remember a possible spike up before the larger move to the downside.
Indicators are looking mighty exhausted and overbought now.
I think money from the majors will slide into alts for a ride then slide back into the majors.
PA could do one last spike upwards before the grand slide downwards.
All this "Trump Crypto CZAR" epic political ruckus, could perhaps hold the Majors with HIGH strung out indicators which keep bouncing off the ceiling and PA with all crypto goes widely insane "to the moon"
"if it does go Parabolic"
Target Prices: $371.oo ~and~ $415.oo
Long Term hold and sell: after $600.oo breaks
That takes a lot of the worlds money to push insanity prices to insanity levels... make sure to take money off the table on the way up.... the drop will be epic as traders cash out.
All in all, I have "No Money" ever invested in SOL.
I wanted to post my first look into SOL and watch for a future set-up, I am becoming very interested in SOL.
Unfortunately my first post is an overwhelming PA move to the downside at some point soon, which forces me to place a "short" call-out on this published idea.....remember a possible spike up before the larger move to the downside.
Note
If I jump into this SOL ... well I am going to hold out for the "lower low price situation"Like under 160 and above 110 .. this situation
Honestly 133 looks juicy.
I will be buying an undisclosed amount and will hodl it longer than a scalp trade.
Which is an advantage when buying nearer to the bottom.
However I might buy a scalp trade and share the details waiting for the lower low price.
Note
Okay I figured out where I am going to buy some SOL.Why... well I have a job.. so I need to pick out entry points.. and place orders.. Or I could be sleeping.
Sometimes I actually get in near the low point.
Sometimes I get in to high and ride it out till my trade profits, or I decide and get out.
Also I have to set orders to sell once I am in the trade.
Same thing happens... I sell toooo early or near the top of the turn.
however I am guessing where to place buy orders.... because of where I am suspecting indicators are nearing their lows.
I can adjust my sitting orders if things change.
Anyhow... here's the screen shot of my orders placed for SOL
Order cancelled
Funny Thing. I actually had cancelled these orders.I would have had great spike entries.
I would have had 30 units @ 184.92 Avg Entry Price.
I also would be in the profit already.
However it is comforting to know I my analysis was correct.
Gauging a future order on an unknown drop for an up-coming downtrend was a challenge.
Note
When the sentiment of traders turn bullish because the exhaustion of selling has stopped boiling, is when the PA will trudge forwards in an uptrend to new record highs. Meanwhile, PA is still considered in a Bearish Trend short term for now.I think that when the higher time frame indicators have moved to a place where things get nervous, PA will make a turn.
What is holding this up? .... There are a lot of alts (including SOL), already at reset points for these indicators, but we must respect the KING KORN ... yes bitcoin is taking time to turn and reset. with BTC those high-TF indicators don't necessarily have to bottom out.
Worst case scenario? .... The Monthly resets, and that will take 8 months to 2 years to get back to reaching new record highs.
Nearest case bullish scenario? .... The 3-Day is pretty much at reset...
and the weekly is now or in about 2 - 5 weeks time.
Okay we need to wait a little bit more probably.
As we wait, what happens? .... Price will probably take another dip maybe two dips (rare).
Let us take the Last "one dip" remains scenario.
Why?
Usually.. not always.. we will have a 4-hour divergence. The set-up is waiting for the last dip divergence signal. (about $123 - $104 price range)
What can go wrong? .. the Weekly decides to continue it's onslaught downtrend and the sellers are not finished, as SOL's PA heads on down to the $41 level. Then we look for the weekly's RSI's to reach turning levels.
Note
Oh .. there is a slight chance we have an uptrend in the making.Not guaranteed. It might Not happen the way I have it pictured with graphics.
The turn at this point in the Bear cycle is possible however under 50% probability.
Uptrend to continue will need to continue to hit certain milestones.
We all know what those look like.
Good Luck!!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.