Never the less as Solana trend looks bearish(Only from the point of view of price action traders, ema traders, breakout traders) and I DONT SHARE this opinion,because I use another TA to define the trend.
Monthly VP is at 0.02%, for VP traders it is bullish( while MA tradrs say it is bearish).
The price of solan is at historical lowest point of VAL(18 month volume profile).Therefor at this point sellers and buyers dont find an accepted price .If the sellers want to push down theprice,the number of buyers reduces.This leads to a market balance,as now many imbalances have been restored.While EMA,SMA and many other indicators are lagging indicators,they react when the show is over!!!!!!,VP delivers price information real time
Also now commercials starting buying solana(COT report) while speculators selling it(Speculatorsare90% of time wrong)!
Ofcourse many would suggest that we have bearish sentiment dat,inflation, recession etc.
Fundamentlas show their impact alsotoo late. And all these information are priced in.
Ok now to my setup:
We have tested the support twice successfully. Solana can start to move in TP 1 direction.
If price reaches tp1
and continues to move ahead,this will be a good sign that Solana bulls gaining more control, while sellers start to take profit.
If TP 1 rejects,we expect that solana will fall back to support going for TEST 3.
IF SUPPORT TEST § WAS SUCCESSFUL.tHAT MEANS sOLAN CANNOT BREAK THIS SUPPORT THE MARKET STARTS TO MOVEUP QUICKLY to TP 2,3,4 and 5
If solana not successful, then it targets 115% Fibo retracement, and then 127% and so on. For us it means to wait until one of the retracement levels rejects
I buy there where others put their stops,because their stop management is planned by price action, that everyone can see.Therefor 90% of time they fail.
Monthly VP is at 0.02%, for VP traders it is bullish( while MA tradrs say it is bearish).
The price of solan is at historical lowest point of VAL(18 month volume profile).Therefor at this point sellers and buyers dont find an accepted price .If the sellers want to push down theprice,the number of buyers reduces.This leads to a market balance,as now many imbalances have been restored.While EMA,SMA and many other indicators are lagging indicators,they react when the show is over!!!!!!,VP delivers price information real time
Also now commercials starting buying solana(COT report) while speculators selling it(Speculatorsare90% of time wrong)!
Ofcourse many would suggest that we have bearish sentiment dat,inflation, recession etc.
Fundamentlas show their impact alsotoo late. And all these information are priced in.
Ok now to my setup:
We have tested the support twice successfully. Solana can start to move in TP 1 direction.
If price reaches tp1
and continues to move ahead,this will be a good sign that Solana bulls gaining more control, while sellers start to take profit.
If TP 1 rejects,we expect that solana will fall back to support going for TEST 3.
IF SUPPORT TEST § WAS SUCCESSFUL.tHAT MEANS sOLAN CANNOT BREAK THIS SUPPORT THE MARKET STARTS TO MOVEUP QUICKLY to TP 2,3,4 and 5
If solana not successful, then it targets 115% Fibo retracement, and then 127% and so on. For us it means to wait until one of the retracement levels rejects
I buy there where others put their stops,because their stop management is planned by price action, that everyone can see.Therefor 90% of time they fail.
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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.