SOLUSDT , after a strong growth, bumps into the conglomerate of resistances formed on D1-W1. It can be assumed that there is not enough potential to break through this area at the moment.... There is a clear resistance of the sideways range with gradually narrowing borders on the chart. This is a consolidation, which is most likely not over yet. The market continues to accumulate potential before further strong movement.
The price reacts very aggressively to the resistance of the figure every time: the retest is followed by a strong decline to the lower boundary.
The actual retest ends with a false breakout and the formation of a reversal pattern and the trigger of the 173.00 zone. Accordingly, if the SOL continues to decline, which leads to a breakdown of support, the market may enter a sell-off phase.
Resistance levels: 183.4, 188.3
Support levels: 173.0, 159.1
I don't exclude that on the background of bitcoin's active growth SOL may make another attempt of a bull run, for example, to 188.4-188.3. But liquidity formed above this zone will not let the price up the first time.
At the moment the focus is on 173.0. A breakdown and consolidation below this area will activate a sell-off...
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Regards R. Linda!
Trade active
Activation occurs at the moment of support breakdown
SOL did not go up on the retest because it was not necessary. The false breakout did its job.
The fall of bitcoin also had a favorable effect on the price of SOL
Trade closed: target reached
Target 1 reached! +7%
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🌹TRADING is a CASINO💔!?
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You❗️CAN and ❗️SHOULD make money in trading!
Join me, I'll guide you to PROFITABLE TRADING💵!
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🧿 Web: rlinda.com
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NO‼️
You❗️CAN and ❗️SHOULD make money in trading!
Join me, I'll guide you to PROFITABLE TRADING💵!
🟢Free Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
Related publications
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.