SOL / TetherUSShort
TARGET REACHED FOR SOL, BUT STILL NOT CONVINCED
Idea shared a week ago about SOL reached main objective, 50$ area.
But im still not convinced, mainly because I still think bitcoin will go lower, to 23-24k area at least.
One of my main scenarios was a drop to this prices of the entire alt market pushed by bitcoin going to 20k, but bitcoin is at 30K and altcoins are already bleeding hard, this looks really weak at the moment for me.
And of course LUNA situiation is not helping, and has aggravated the situation.
Bassed in all that my main objective is currently around 20$, any bounce should be a nice short play to that area.
Of you are planing on buying for hold, this, like every other alt will form an accumulation range that will take months to break upwards, so be patient, there will be good chances to buy at lows once price starts forming a range, but for now this is just trending down.
Remember that after ETH pumped from a couple of dollars to 1500$ in 2018, it went back down to 80$. Corrections are part of the markets and it does not mather how good the coin is, how fast it goes or the awesome development behind, trends will allways be there and move the markets.
Once we lateralize and form a range for months, we will be getting ready for the next leg to ATH, but untill then play the trend or close the chart if you are not willing to trade and just hold.
But im still not convinced, mainly because I still think bitcoin will go lower, to 23-24k area at least.
One of my main scenarios was a drop to this prices of the entire alt market pushed by bitcoin going to 20k, but bitcoin is at 30K and altcoins are already bleeding hard, this looks really weak at the moment for me.
And of course LUNA situiation is not helping, and has aggravated the situation.
Bassed in all that my main objective is currently around 20$, any bounce should be a nice short play to that area.
Of you are planing on buying for hold, this, like every other alt will form an accumulation range that will take months to break upwards, so be patient, there will be good chances to buy at lows once price starts forming a range, but for now this is just trending down.
Remember that after ETH pumped from a couple of dollars to 1500$ in 2018, it went back down to 80$. Corrections are part of the markets and it does not mather how good the coin is, how fast it goes or the awesome development behind, trends will allways be there and move the markets.
Once we lateralize and form a range for months, we will be getting ready for the next leg to ATH, but untill then play the trend or close the chart if you are not willing to trade and just hold.
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