Morning Update: Solana is playing with fire
Today we should get clues on whether price intends to find a bottom and rally, or take a more direct route to new lows. The technical damage yesterday can not be understated. That is simply not how healthy bottoms retrace and rally to new highs.
It's now more apparent our trip to $143 earlier in the month was a C wave rally. The question in mind remains...was it a C of A, or a C of C.
C of C will reconcile to new lows, whereas C of A reconciles much higher than $143 but not higher than the all time high of $259. I'll wait to see what price will tell me before concluding...but with yesterdays damage I have to give the edge to the Solana bears.
Today we should be prepared to consolidate or retrace, but any trade lower than $96 and I believe it's foretelling us that price intends to reconcile lower than the 2022 bottom of $75.
Best to All,
Chris
It's now more apparent our trip to $143 earlier in the month was a C wave rally. The question in mind remains...was it a C of A, or a C of C.
C of C will reconcile to new lows, whereas C of A reconciles much higher than $143 but not higher than the all time high of $259. I'll wait to see what price will tell me before concluding...but with yesterdays damage I have to give the edge to the Solana bears.
Today we should be prepared to consolidate or retrace, but any trade lower than $96 and I believe it's foretelling us that price intends to reconcile lower than the 2022 bottom of $75.
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.