SOL thunder in the distance, be careful bulls.
Updated
SOL is forming a huge rising wedge, and a breakdown could trigger massive sell-offs and short positions.
RSI is indicating there is no power in this upward move and is ready to cool down, signaling a potential strong drop.
MACD is way overbought, similar to RSI, and also shows strong and powerful negative divergences, as does RSI. Histograms are ticking lower, indicating a lack of power.
All in all, bulls are safe if the price continues to rise and stays within the pattern. However, if and when the price breaks down, a significant sell-off will occur, leaving many retail bulls on the wrong side.
Watch out.
RSI is indicating there is no power in this upward move and is ready to cool down, signaling a potential strong drop.
MACD is way overbought, similar to RSI, and also shows strong and powerful negative divergences, as does RSI. Histograms are ticking lower, indicating a lack of power.
All in all, bulls are safe if the price continues to rise and stays within the pattern. However, if and when the price breaks down, a significant sell-off will occur, leaving many retail bulls on the wrong side.
Watch out.
Note
Saved by the bell for now! Nice bullish return in pattern.Note
Less and less time for SOL to move up. SOL just can not bounce of from the trend line which is bearish as it is a sign of weakness. RSI and MACD still have powerful negative divergences which are very bearish.
However, small and last chance for bulls. SOL is also forming some kind of high base or ascending triangle, and if SOL found power and volume to break up it could be nice move. But it needs to do ASAP.
Note
Bull greetz on breaking out from the ascending triangle. Strong move indeed.
Consistency is the key of success....
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