SOL/USD - After a nice re-test of support, can SOL pump more?
SOL corrected to our Fib 38% level as you can see on the chart exactly as predicted in my last SOL idea where I recommended a short for a nice 20% gains (idea linked below).
Now the question is, did you buy support? If you did, you just made another 20% profit! Nice and this volatility from SOL is quite impressive.
We find ourselves at the 23% Fib resistance level which is a bit of a conundrum because if on the higher timeframes the bias is somewhat bearish, I can definitely see SOL moving higher again from this level. We did a great re-test of our Fib 38% level and we could have clearance to go higher.
Therefore, best to wait to see what happens at this current price level, if SOL manages to break-up and make our current resistance support, we're good for some nice gains still and maybe even a new ATH... if we fail to pass this resistance then our support may need to act and hold the downfall again.
If we re-test our support again, it may not hold a second time. But that is speculation, we need to wait for price to make a decision here, then the path will become much clearer.
Like and follow if you liked this idea!
Now the question is, did you buy support? If you did, you just made another 20% profit! Nice and this volatility from SOL is quite impressive.
We find ourselves at the 23% Fib resistance level which is a bit of a conundrum because if on the higher timeframes the bias is somewhat bearish, I can definitely see SOL moving higher again from this level. We did a great re-test of our Fib 38% level and we could have clearance to go higher.
Therefore, best to wait to see what happens at this current price level, if SOL manages to break-up and make our current resistance support, we're good for some nice gains still and maybe even a new ATH... if we fail to pass this resistance then our support may need to act and hold the downfall again.
If we re-test our support again, it may not hold a second time. But that is speculation, we need to wait for price to make a decision here, then the path will become much clearer.
Like and follow if you liked this idea!
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