Solana RSI & MaCD, Jan. 2024 Baseline &, 2-3 Weeks Bounce =Drop!
Let's look at these two indicators mentioned in the title but first let's consider a simple price dynamic; A two to three weeks bounce then drop!
Chart:
This week is only starting, soon to be halfway through.
Another week without major bullish action increases the risk.
And a third week with weak price action fully supports the bears.
👉 After two to three weeks of a bounce... Then comes a major drop!
I believe this is the dynamic is playing out right now.
Also consider the "baseline" price level. This is the price at which Solana traded back in January 2024. This level is being met by all the altcoins. Ethereum already visited it and hundreds and hundreds of other altcoins moved below this baseline level in this 2024 corrective phase.
This one is important and highly relevant as it is more than likely this level will hit as support (or lower) in the coming weeks. You are truly appreciated. I thank you for reading... Let's continue.
âž– Solana's Weekly RSI
Trading on the bullish zone. It doesn't reveal much. It is neutral and supports any outcome. Can be up or down. The RSI is not clear. It is in a bearish trend though since December 2023; lower highs and lower lows.
âž– Solana's Weekly MaCD
The MACD shows a very strong and clear downtrend. A very strong bearish bias. It points lower and is moving lower.
These are simple signals but they might help you develop a clearer picture as to the current market conditions.
I salute you and offer my deepest blessings to you.
I am wishing you the best!
Namaste.
Chart:
This week is only starting, soon to be halfway through.
Another week without major bullish action increases the risk.
And a third week with weak price action fully supports the bears.
👉 After two to three weeks of a bounce... Then comes a major drop!
I believe this is the dynamic is playing out right now.
Also consider the "baseline" price level. This is the price at which Solana traded back in January 2024. This level is being met by all the altcoins. Ethereum already visited it and hundreds and hundreds of other altcoins moved below this baseline level in this 2024 corrective phase.
This one is important and highly relevant as it is more than likely this level will hit as support (or lower) in the coming weeks. You are truly appreciated. I thank you for reading... Let's continue.
âž– Solana's Weekly RSI
Trading on the bullish zone. It doesn't reveal much. It is neutral and supports any outcome. Can be up or down. The RSI is not clear. It is in a bearish trend though since December 2023; lower highs and lower lows.
âž– Solana's Weekly MaCD
The MACD shows a very strong and clear downtrend. A very strong bearish bias. It points lower and is moving lower.
These are simple signals but they might help you develop a clearer picture as to the current market conditions.
I salute you and offer my deepest blessings to you.
I am wishing you the best!
Namaste.
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