Long

SOL - a week in the Sun ? or is Rain on the way

Updated

SOL is starting off the week 20% lower, we've had a price retraction and profits have been taken, liquidity has been swallowed up, the weekend is over and its time for the market to resume "Marketing" .

Sol is already breaking out and we will have to watch , but we area long as of Sunday at 141-143
We were looking for our target of the 150 level to take profit, and as the week continues I plan to trade SOL daily with some positions So I will be watching It and trying to keep the Days action organized.

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at out 2nd target level

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2nd target hit

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watch for support at the 0.5 fib

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I have 2 targets, I will not be taking a short position at this time, waiting to take a long after price shows support around 144.700 , 147 will be our first low target to watch for

Trade active

all targets hit. active long position aiming towards 150 for the daily

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fib support 0.5 to be retested

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Trade active

- 0.381 retested and 2x 4h candles all show support, combined with low volume indicate the broken channel isnt confirming a downward trend and the next day's trading will see price rise

Looking to take profits at the 150-151 (.618 - fib level)
price could retest the 0.5 and move higher depending on general market sentiment

Trade closed manually

broken the fib at 0.5 and retested 0.382. currently the 0.382 broke and if we look on the macro there is a better understanding of where price will fall.

Currently SOL is in a downward wedge, perhaps a pennant however for now its imperative that there is no market bias towards a direction, and as it stands it appears that price is headed towards the accumulation area.

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waiting for the 4h close to confirm as well as following market sentiment, fundementals,vol,macd,and rsi.

Will update with a new outlook

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price is trying to break above the fib resistance. We need to see a higher low on retraction to push price up

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dasBoot

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