Solana at critical decision point
Updated
Hi Tradingview,
SOLUSDT
I want to talk about SOLANA (SOLUSDT). Solana has been in the news recently mainly for bad but it has shown some strength in recent days with
it breaking out of the wedge pattern it has been trading in for the past couple of weeks. However, I feel that will soon be coming to an end.
It is trading in an upside-down cup and handle pattern, this is bearish. We can also see on our TSI indicator that a bearish crossing might be coming soon
with the bears currently in control (below 0) This is highly probable. It could find support though, it has broken out of the wedge and is
currently retesting.
Trading SOL
Now that we have looked at the facts, lets try to make some money off of this.
I will be discussing a long possibility and a short possibility. Both require confirmation
Long:
Entry, confirmation of retest support, double bottom (#2)
Short:
Breakdown of 13.25, and wedge support
SOLUSDTI want to talk about SOLANA (SOLUSDT). Solana has been in the news recently mainly for bad but it has shown some strength in recent days with
it breaking out of the wedge pattern it has been trading in for the past couple of weeks. However, I feel that will soon be coming to an end.
It is trading in an upside-down cup and handle pattern, this is bearish. We can also see on our TSI indicator that a bearish crossing might be coming soon
with the bears currently in control (below 0) This is highly probable. It could find support though, it has broken out of the wedge and is
currently retesting.
Trading SOL
Now that we have looked at the facts, lets try to make some money off of this.
I will be discussing a long possibility and a short possibility. Both require confirmation
Long:
Entry, confirmation of retest support, double bottom (#2)
Short:
Breakdown of 13.25, and wedge support
Note
4hr candle closed below handle channelNote
Looks like a big bounce!Note
still havent entered
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