SOL and many other crypto coins often react at pivot points. I use 1-year (Thinnest), 2-year (medium), and 3-year (Thickest) pivot points for trade entries and targets.
For this trade, the negative linear regression trend on the 2-day is ending as the yellow line at the bottom of the linear regression trend has terminated as it approaches the middle moving average in the Fibonacci Bollinger band. Typically, I would enter trades in the bottom half of the Bollinger band area but SOL is in such demand it rarely ever gets below the mid point.
You can see that SOL heavily reacts to the 2-year pivots as indicated in the circled areas. I am using the current price for a long entry.
The target price is $267, which is the next resistance level of the 2-year pivot points. At $267, a trailing stop will trigger, which will allow the price to run further while locking in gains we've already made when there are retracements.
Risk management:
I am setting a stop loss at $150, just below the 3-year pivot and the Bollinger MA, which are both acting as support and should move the price upward on any retracement from current levels.
For this trade, the negative linear regression trend on the 2-day is ending as the yellow line at the bottom of the linear regression trend has terminated as it approaches the middle moving average in the Fibonacci Bollinger band. Typically, I would enter trades in the bottom half of the Bollinger band area but SOL is in such demand it rarely ever gets below the mid point.
You can see that SOL heavily reacts to the 2-year pivots as indicated in the circled areas. I am using the current price for a long entry.
The target price is $267, which is the next resistance level of the 2-year pivot points. At $267, a trailing stop will trigger, which will allow the price to run further while locking in gains we've already made when there are retracements.
Risk management:
I am setting a stop loss at $150, just below the 3-year pivot and the Bollinger MA, which are both acting as support and should move the price upward on any retracement from current levels.
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.
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.