As seen in this weekly candle size chart of #solusd i' ve explained all with balloons.
In 5 years period, #solana price has formed a huge bullish cup & handle pattern, but after relief rally has finished, #sol price heavily declined after completing the pattern. (X in the chart) Then,
SOL failed the retest of the breakout zone that it accumulated more than 9 months. This was the 2nd bad declination.
And now, #solusdt is now testing weekly ichimoku cloud!.. This' one of the most important zone to be defended by the bulls. Losing this zone with weekly closings will be doom for the long term chart structure. So, must be defended at all costs to avoid bear season in mid term. Current situation is not safe for now.
For fully invalidation, #solusd must reclaim above 300 usd region with monthly close. Not financial advice. DYOR. (This' not a short term strategy)
In 5 years period, #solana price has formed a huge bullish cup & handle pattern, but after relief rally has finished, #sol price heavily declined after completing the pattern. (X in the chart) Then,
SOL failed the retest of the breakout zone that it accumulated more than 9 months. This was the 2nd bad declination. And now, #solusdt is now testing weekly ichimoku cloud!.. This' one of the most important zone to be defended by the bulls. Losing this zone with weekly closings will be doom for the long term chart structure. So, must be defended at all costs to avoid bear season in mid term. Current situation is not safe for now.
For fully invalidation, #solusd must reclaim above 300 usd region with monthly close. Not financial advice. DYOR. (This' not a short term strategy)
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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.