Battle Planning on Solana by looking at Ethereum
Updated
I have color coded where I see the similarities in Solana's current price action and Ethereum's historic price action from the previous bull run. I think the patterns and seminaries are pretty clear and while I see a lot of upside potential for Solana in the long run and I see lots of coins staged to begin their uptrends now I see one more leg down for solana.
I am going to wait for Solana to come into my buy box and then really drill down on the time frames so I can put on a decent amount of margin on my trade. One price enters the green area there is a chance to grap a x4 move or higher move as price returns to the base of the bull trap. Price may even go into the bull trap quite a bit but for me I don't want to be greedy. I will be taking profits quite quickly on Solana at about $75.
A lot of this is predicated on the black triangle on Solana breaking down as the Ethereum triangle broke down. If the black Solana behaves differently than the Ethereum triangle and breaks up instead of down my trade is negated (for now). The Solana triangle could form a rising wedge and then make it to target but I will be patient. If Solana goes off-scripts I may miss some gains but I really am looking for some chart clarity and due to the similarities I see I won't be taking any longs on Solana until I see how it behaves at the base of the previous bull trap.
But fow now: patience. It is a way a way but I see a lot of potential of Solana to wreck a lot of people over the next 5 years, or make them quite wealthy. I tagged the chart neutral for now as I am still waiting.
I am going to wait for Solana to come into my buy box and then really drill down on the time frames so I can put on a decent amount of margin on my trade. One price enters the green area there is a chance to grap a x4 move or higher move as price returns to the base of the bull trap. Price may even go into the bull trap quite a bit but for me I don't want to be greedy. I will be taking profits quite quickly on Solana at about $75.
A lot of this is predicated on the black triangle on Solana breaking down as the Ethereum triangle broke down. If the black Solana behaves differently than the Ethereum triangle and breaks up instead of down my trade is negated (for now). The Solana triangle could form a rising wedge and then make it to target but I will be patient. If Solana goes off-scripts I may miss some gains but I really am looking for some chart clarity and due to the similarities I see I won't be taking any longs on Solana until I see how it behaves at the base of the previous bull trap.
But fow now: patience. It is a way a way but I see a lot of potential of Solana to wreck a lot of people over the next 5 years, or make them quite wealthy. I tagged the chart neutral for now as I am still waiting.
Note
A look at the Solana chart with the Heikin ashi candles shows a clear breakdown of solana and the flat topped red candles show the bears are in control. I am using this chart to buy the target area and go long but there is a clear short entry here for people with even a basic HA momentum strategy or people looking to short the breakdown of the triangle.
Note
New draw on Solana. Looks Even more bearishNote
I have been watchig this price action for 4 months waiting for a entry I like and I just got it.
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