Elliot wave & Fibo analysis!
Updated
Hello everyone, Elliot analysis, coming up right away. Published by CryptoQueens!
After price broke and closed 4hr candle above the liquidity level at 14.98$, SOL remained bullish as it completed the 3rd wave and created a new high (premium) at the level of 17.5$. In addition, it is important to mention that, due to high buying pressure at the moment of breakout, a Fair Value Gap (FVG) was created between the area of Liquidity zone (previous high) 14.98$ and 15.76$. As all we know, FVGs tend to act as magnets, and the majority of the times they need to be retested before any further price continuation. Therefore, right after, the price retested the threshold of FVG area and it found immediate support at 15.56$ creating the 4th Wave!
Eventually, based on Elliot, the only that's left, is the 5th Wave which is likely to occur on the highlighted areas in the chart.
Looking forward to the next leg up!
Low leverage is advised on any circumstance!
Consider this Scenario invalid if FVG area is retested!
This is strictly a Technical Analysis and Fundamentals can affect our analysis!
Bear in mind CPI is highly anticipated on the upcoming days!
Not a Financial Advise!
Trade with Caution!
If you like the idea make sure to support with a like & follow!
Best Regards, CryptoQueens.
After price broke and closed 4hr candle above the liquidity level at 14.98$, SOL remained bullish as it completed the 3rd wave and created a new high (premium) at the level of 17.5$. In addition, it is important to mention that, due to high buying pressure at the moment of breakout, a Fair Value Gap (FVG) was created between the area of Liquidity zone (previous high) 14.98$ and 15.76$. As all we know, FVGs tend to act as magnets, and the majority of the times they need to be retested before any further price continuation. Therefore, right after, the price retested the threshold of FVG area and it found immediate support at 15.56$ creating the 4th Wave!
Eventually, based on Elliot, the only that's left, is the 5th Wave which is likely to occur on the highlighted areas in the chart.
Looking forward to the next leg up!
Low leverage is advised on any circumstance!
Consider this Scenario invalid if FVG area is retested!
This is strictly a Technical Analysis and Fundamentals can affect our analysis!
Bear in mind CPI is highly anticipated on the upcoming days!
Not a Financial Advise!
Trade with Caution!
If you like the idea make sure to support with a like & follow!
Best Regards, CryptoQueens.
Trade active
Quick update: Trade is still active. Targets are still intact, as long as we break above the Bearish Orderblock (local Resistance) that was formed.
Consider closing if 4HR candle closes below FVG Area!
In that case, next target is 13,4$ (local Support).
Trade closed: target reached
Close Trade! All targets reached! Perfectly executed trade based on Elliot theory and Fibonacci extension! Wave 5 completed successfuly, and reached the level of (1.618) at the price of 23.09$.Next move: Anticipation of Stock market, and Monday's false moves.
Until then, sit tight and hands off!
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