SOL had a false breakout from a descending wedge around the $127 price area marked with a horizontal green trend line.This false breakout appears as a bearish ascending wedge, which would eventually break down because there is a fast pace of higher lows and a very slow pace of higher highs, which shows that lots of traders have been looking to short from the $147 price area, which appears to be a major resistance.
I would be entering a short position around the $150 price area, and my TP will be at $130.
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.