SOL / TetherUSLong
SOL Trade set up
Updated
Weekly: long term analysis
SOLUSDT was one of the top gainers of the last altcoin bull run. After more than 95% deep correction during the bear market, SOL has almost regained its ATH in a strong impulsive upward movement from last October to last March. Since then SOL is consolidating within a perfectly defined range [120$ - 190$].
On a weekly time frame we can see the volatility decreasing and bollinger bands are now narrowed and totally flat. This is a perfect setup for a trade entry.
Strategy
Buy signal will be given from a daily close above the resistance line (neckline of the inverted H&S) around the 10$ mark.
Invalidation
Mental Stop: just below the last weekly swing low. This setup proposes a nice Risk Reward
If prices retrace to this stop level we will wait for the weekly closing price then set a Stop loss ¼ or Risk below the weekly close price.
Risk = Distance between Mental stop and entry point.
SOLUSDT was one of the top gainers of the last altcoin bull run. After more than 95% deep correction during the bear market, SOL has almost regained its ATH in a strong impulsive upward movement from last October to last March. Since then SOL is consolidating within a perfectly defined range [120$ - 190$]. On a weekly time frame we can see the volatility decreasing and bollinger bands are now narrowed and totally flat. This is a perfect setup for a trade entry.
Strategy
Buy signal will be given from a daily close above the resistance line (neckline of the inverted H&S) around the 10$ mark.
- Objective 1: ATH at 250$ ( +25%)
- Objective 2: Small Flag pole target at 500$ zone (+150%)
- Objective 3: Big flag pole extension and under Cup & Handle target around 1600$ (+700%)
Invalidation
Mental Stop: just below the last weekly swing low. This setup proposes a nice Risk Reward
If prices retrace to this stop level we will wait for the weekly closing price then set a Stop loss ¼ or Risk below the weekly close price.
Risk = Distance between Mental stop and entry point.
Note
Correction of the buy signal
Buy signal will be given from a daily close above the resistance line around the 200$ mark (removing the extra words after that which are copy/paste error)
Trade active
Buy signal was given yesterday. Let's follow the trade closely.Note
Objective 1 ✅ was reached on the 21st on November.
Following our trading plan we took some profits with 25% gains on this first level. Remaining portion is targeting the next objectives 🚀
Disclaimer
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