Been watching a few coins in particular on this dip, for this confluence of factors: dip back into trend and key supports, I opened a position on ROSE for the same criteria, and XRP, now looking for SOL to find support in this region and reverse to continue its macro bullish movement.
All in the Chart, confirmed trend support approaching, resistance turned to support with previous ATH. Daily RSI approaching oversold, both RSI swing low and MACD histograms can be read as hidden bullish div, Daily 50MA approaching this zone as support. 4H MACD histogram about to cross zero
Note that historically, this dip to retest ATH has occurred prior to SOL going on a significant bull leg up (see previous ideas for some charting of this in relation to OBV)
If bitcoin shakes-out down to the 55-54k Zone we may see SOL return to lower supports in the 168-150 range, but hoping we see a relief rally on BTC which may carry SOL back up towards upper trend. Taking profits prudently as I still expect the shake out to come, after/if BTC revisits 62k range
TP 255, 300
All in the Chart, confirmed trend support approaching, resistance turned to support with previous ATH. Daily RSI approaching oversold, both RSI swing low and MACD histograms can be read as hidden bullish div, Daily 50MA approaching this zone as support. 4H MACD histogram about to cross zero
Note that historically, this dip to retest ATH has occurred prior to SOL going on a significant bull leg up (see previous ideas for some charting of this in relation to OBV)
If bitcoin shakes-out down to the 55-54k Zone we may see SOL return to lower supports in the 168-150 range, but hoping we see a relief rally on BTC which may carry SOL back up towards upper trend. Taking profits prudently as I still expect the shake out to come, after/if BTC revisits 62k range
TP 255, 300
Note
Quick update here, currently SOL is holding this trend. BTC order books across exchanges (currently) look very thin to the ask side. RSI and and MACD histogram divergence on 1H and 4H - Hoping for a relief rally here and possible upside for alts. Note SOL is now trading below previous support which will now act as resistance, I will be opening a position and adjusting profit targets, the first being in the 200-210 range
Note
Approx 15% gain so far
At the top of support-turned-resisatnce zone marked on my chart, good time to lock in some profit
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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.