SOLUSDT Strong rise to 1D MA200. Is it enough?
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For this particular analysis on
SOLUSDT we are using the SOLUSDT symbol on the OKX exchange.
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The idea is on the 1D time-frame whereSOLUSDT has been having the best rally since June after the October 21 bottom on the Support Zone. The price is approaching the 1D MA200 (orange trend-line), which has been unbroken since January 20. If broken, that would be on its own a major bullish break-out for the long-term, however there are still another two Resistance levels to consider.
First is the 48.50 Resistance (from the May 30 High) and second the Lower Highs trend-line since the November 06 market top. What stands out on this pattern really is, having turned the 1D MA50 (blue trend-line) into a Support, the 1D RSI is printing a similar sequence above its own Lower Highs trend-line as on March 23.
As you see, that sequence was also a consolidation mostly below the 1D MA50 and whenSOLUSDT broke above it and turned it into a Support, so did the RSI and the subsequent rally topped right below the 1D MA200 where it was rejected, also on a Resistance similar to today's 48.50 and the massive sell-off of April - June started. We have copied the bars pattern of that sequence (black line) and as you see the fractal fits almost perfectly on the price action since late August.
So in our opinion it is crucial for the price to break now above the 1D MA200 for the first time since January 20, but is more important to break above the May 30 Resistance (48.50) and the Nov 2021 Lower Highs, where the previous fractal of March failed. A break above it can introduce us into the new Bull Cycle. If however the price gets rejected again at or near the 1D MA200, we should be expecting a pull-back to at least the October 21 Higher Lows trend-line (dashed line).
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For this particular analysis on
SOLUSDT we are using the SOLUSDT symbol on the OKX exchange.*** ***
The idea is on the 1D time-frame where
SOLUSDT has been having the best rally since June after the October 21 bottom on the Support Zone. The price is approaching the 1D MA200 (orange trend-line), which has been unbroken since January 20. If broken, that would be on its own a major bullish break-out for the long-term, however there are still another two Resistance levels to consider.First is the 48.50 Resistance (from the May 30 High) and second the Lower Highs trend-line since the November 06 market top. What stands out on this pattern really is, having turned the 1D MA50 (blue trend-line) into a Support, the 1D RSI is printing a similar sequence above its own Lower Highs trend-line as on March 23.
As you see, that sequence was also a consolidation mostly below the 1D MA50 and when
SOLUSDT broke above it and turned it into a Support, so did the RSI and the subsequent rally topped right below the 1D MA200 where it was rejected, also on a Resistance similar to today's 48.50 and the massive sell-off of April - June started. We have copied the bars pattern of that sequence (black line) and as you see the fractal fits almost perfectly on the price action since late August.So in our opinion it is crucial for the price to break now above the 1D MA200 for the first time since January 20, but is more important to break above the May 30 Resistance (48.50) and the Nov 2021 Lower Highs, where the previous fractal of March failed. A break above it can introduce us into the new Bull Cycle. If however the price gets rejected again at or near the 1D MA200, we should be expecting a pull-back to at least the October 21 Higher Lows trend-line (dashed line).
-------------------------------------------------------------------------------
** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. **
-------------------------------------------------------------------------------
You may also TELL ME 🙋♀️🙋♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁
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