UPDATE 2: Battle planning on Solana looking at Ethereum
Solana has finally reached the target I identified back in July by looking at Ethereum's structure from 2016 to 2019 and using a simple Elliot Wave ABC correction. This bottom is at the lower end of the green box like I suspected it would be and we also have the RSI for Solana dipping below 30 by a fingernail to hit 29.8. This is the lowest the RSI has been for Solana. A look at when ETH bottomed in December 2018 shows that the RSI was also below 30 by reaching 28.5.
After hitting a bottom in December 2017 Eth would create an ascending triangle formation for about 3 months. While it was in that formation adding to your position at the base of the Bollinger band was a winning strategy. There is no real need to rush into a trade and YOLO your whole stack 10x. I do have a margin position on that I hope will play out nicely.
If this is similar to ETH we should see SOL create a reversal pattern over the next couple of months and then a pump to around point A. Based off some other charts I have looked at price could die anywhere within AB and the chart is still valid.
Last cycle there were some alt coins that didn't form long term continuation patters, they just thrashed around. If Sol does such then its future isn't that promising. Whatever formation develops we can't expect the rally to have to much over-performance. For example, if an ascending triangle develops on SOL but it is so shallow that a fib extension 2 line is no where close to point A then A is a target to far.
So, if things go well, I will be snagging a 430% move over the next six months and with a wee bit of margin and some good entries. There is a chance that SOL could go a bit lower and if it does, I will be looking for the chart to have some bullish divergence and I will reenter lower down. I'll look for a long-term pattern and add at bollinger band support. Easy peasy.
I have linked my other Solana battle plans as well as a dydx trade I entered a few days a go that has treated me very well so far. I see one more consolidation and bull market for crypto.
After hitting a bottom in December 2017 Eth would create an ascending triangle formation for about 3 months. While it was in that formation adding to your position at the base of the Bollinger band was a winning strategy. There is no real need to rush into a trade and YOLO your whole stack 10x. I do have a margin position on that I hope will play out nicely.
If this is similar to ETH we should see SOL create a reversal pattern over the next couple of months and then a pump to around point A. Based off some other charts I have looked at price could die anywhere within AB and the chart is still valid.
Last cycle there were some alt coins that didn't form long term continuation patters, they just thrashed around. If Sol does such then its future isn't that promising. Whatever formation develops we can't expect the rally to have to much over-performance. For example, if an ascending triangle develops on SOL but it is so shallow that a fib extension 2 line is no where close to point A then A is a target to far.
So, if things go well, I will be snagging a 430% move over the next six months and with a wee bit of margin and some good entries. There is a chance that SOL could go a bit lower and if it does, I will be looking for the chart to have some bullish divergence and I will reenter lower down. I'll look for a long-term pattern and add at bollinger band support. Easy peasy.
I have linked my other Solana battle plans as well as a dydx trade I entered a few days a go that has treated me very well so far. I see one more consolidation and bull market for crypto.
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