SolanaLong
Evening Update: Headwinds persist, due for a short term reprieve
Nathan Rothschild, a 19th-century British financier and member of the Rothschild banking family, is credited with saying that "the time to buy is when there's blood in the streets."
Today was brutal for equity investors. Is there blood in the streets? My take is there some, but the blood is NOT puddleling...not yet.
In as much as Solana was down, I get the sense it could've been down ALOT more than it was. Do you?
I do believe the selling pressure is dying down....NOT gone...but starting to die down. Yesterday's sell off was disappointing because at these levels it tells an analyst like me this is not how prices react when a major bottom is struck. Nonetheless, I have to admit I'm fairly confident we bottomed today in the short term. I believe we're headed to the $103.50 level and maybe as high as $109. But that's just speculation right now. I need more clues. Problem is most of the clues reside above $100.
Look, let's get real. $103.50 or $109. Unless we trade over $111 I have to be looking lower. So we may get a short term reprieve from all the selling, but this sell-off does not seem to be fully done. Today we traded slightly below my line in the sand of $96. This is NOT how bottoms behave....but that's why I think we can some upside retrace before lower lows become apparent.
Best to All,
Chris
Today was brutal for equity investors. Is there blood in the streets? My take is there some, but the blood is NOT puddleling...not yet.
In as much as Solana was down, I get the sense it could've been down ALOT more than it was. Do you?
I do believe the selling pressure is dying down....NOT gone...but starting to die down. Yesterday's sell off was disappointing because at these levels it tells an analyst like me this is not how prices react when a major bottom is struck. Nonetheless, I have to admit I'm fairly confident we bottomed today in the short term. I believe we're headed to the $103.50 level and maybe as high as $109. But that's just speculation right now. I need more clues. Problem is most of the clues reside above $100.
Look, let's get real. $103.50 or $109. Unless we trade over $111 I have to be looking lower. So we may get a short term reprieve from all the selling, but this sell-off does not seem to be fully done. Today we traded slightly below my line in the sand of $96. This is NOT how bottoms behave....but that's why I think we can some upside retrace before lower lows become apparent.
Best to All,
Chris
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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.