Solana price is getting bearish#solana #sol price has declined from the trend line resistance and CRYPTOCAP:SOL price is now about to form bearish head & shoulders in LTF. Not financial advice.
SOL
SOL going UP!BITMEX:SOLUSDT.P
There is a good and strong pattern on solana + it has not yet performed.
We enter the trade with the following criteria:
Entry: 176.11
SL: 170.8
TP: 191
Solayer Labs Launches $sUSD: A Game-Changer for DeFi on SolanaSolayer Labs has announced the launch of LSE:SUSD , a yield-bearing, real-world asset-backed synthetic stablecoin on the Solana blockchain. This innovative protocol marks a significant milestone in the DeFi space, particularly for Solana, which has recently shown bullish momentum.
Unveiling the LSE:SUSD Protocol
The LSE:SUSD protocol, co-designed with OpenEden, allows users to earn yields on CRYPTOCAP:USDC deposits, thereby democratizing access to stable, low-risk financial assets. The unique feature of LSE:SUSD is its self-rebasing mechanism, which reflects interest earned directly in users' balances without requiring staking. This design ensures that users see their balance grow automatically, with current yields estimated at an attractive 4.33% annually, based on US Treasury yields.
The launch of LSE:SUSD is particularly noteworthy as it was introduced following Solayer Labs’ achievement of surpassing **$200 million** in total value locked (TVL) in Q3. This indicates robust user interest and a solid foundation for future growth.
Technical Aspects of LSE:SUSD
From a technical standpoint, LSE:SUSD is built on Solana’s Token-2022 standard with an extension for interest-bearing tokens. Unlike traditional stablecoins, users are not required to stake their assets to earn yields, which significantly simplifies the user experience. The yield is automatically reflected in the users’ balances, making it more accessible to a broader audience.
The protocol operates as a non-custodial Request-For-Quote (RFQ) marketplace, allowing only owners to create or destroy $sUSD. This system facilitates seamless transactions across various qualified real-world asset (RWA) tokenizers, providing a secure and efficient minting process.
Technical Outlook for SOL
As of the latest trading data, CRYPTOCAP:SOL is up 2.8%, with a bullish RSI of 68, indicating it is approaching overbought territory. Nevertheless, the pivot point is set at $200, presenting an opportunity for strategic buyers. Notably, Solana has recently surpassed Ethereum in trading fees, showcasing its growing dominance and potential as a leading blockchain for DeFi applications.
A Bright Future for DeFi on Solana
The launch of LSE:SUSD is not just another stablecoin; it represents a significant shift towards integrating real-world assets into the DeFi ecosystem. By offering users a chance to earn yields on CRYPTOCAP:USDC deposits while also providing a low-risk financial asset, Solayer Labs is paving the way for broader adoption of DeFi solutions.
Additionally, the launch includes various incentive programs, such as a 10x yield boost on the first $10,000 deposits during the initial minting phase, starting October 30th. This strategy aims to attract early adopters and boost liquidity in the LSE:SUSD market.
Conclusion
The introduction of LSE:SUSD by Solayer Labs is a testament to the growing synergy between DeFi and traditional finance. As the DeFi landscape continues to evolve, LSE:SUSD stands out as a compelling option for users looking to explore yield-bearing assets in a secure and user-friendly manner. With the expectation of further developments and potential airdrops, Solayer Labs is well-positioned to lead the charge in DeFi innovation on Solana.
SOLUSDT.P
Hello friends,
Here’s the next degen SHORT in this series! We have SOL, one of the giants of crypto. We’re looking at two oscillators, RSI and CMF, both of which are bearish on the 30-minute timeframe. That’s why I'm shorting SOL—but, of course, this is not financial advice in any way!
Stay safe, and keep that SL tight!
SOL/USDT: Bull Flag Breakout: Potential 10x Opportunity Ahead!Hey everyone!
If you’re finding value in this analysis, don’t forget to hit that 👍 and follow for more updates!
SOL is looking very promising on the higher time frame. It’s breaking out of a bull flag structure on the 2-day chart. We’re just waiting for one more candle for confirmation, but once confirmed, SOL could be set for a potential 10x move. Consider accumulating on dips!
Entry Range: $145 - $175
Target: $800 - $1000
What do you think of SOL’s current price action? Are you spotting this bullish setup too? Share your analysis in the comments, and let’s ride this wave together!
10/28 Confirmed yearly bull flag. Overview :
The AMEX:SPY closed the week lower, breaking a six-week winning streak that had started just before the first rate cut. NASDAQ:QQQ managed to stay green, hovering near an all-time high. Last week, the Fed reported 738,000 new home sales and 3.84 million existing home sales. Notably, while existing home sales are declining in a descending triangle pattern, new home sales have been forming an ascending triangle—signaling diverging trends in housing demand.
The job market showed resilience, with jobless claims lower than the last two readings, indicating improvement. However, this job strength could complicate rate cuts since the Fed targets stable inflation around 2%. This week brings major data releases: Tuesday’s job openings, Wednesday’s Q3 GDP, and Thursday’s and Friday’s PCE, Core PCE, and the U.S. unemployment rate. Expect a quieter start to the week but brace for potential volatility in the latter half.
According to the CME tool, the likelihood of no rate cut has dipped to 1.1%. This rate cut probability has fluctuated widely over the past two weeks, from 13% to 1%, making it crucial to understand how the CME calculates this metric:
1.Market Data: Fed Funds futures prices reflect market expectations for Fed rate changes.
2.Probability Calculation: The tool derives implied rate change probabilities from the difference between current rates and futures prices.
3.Assigning Probabilities: Each possible outcome—rate cut, hike, or no change—is assigned a probability based on the futures data.
CME Group holds a key position in financial markets, having formed from the merger of major exchanges: the Chicago Mercantile Exchange (CME), Chicago Board of Trade (CBOT), New York Mercantile Exchange (NYMEX), and Commodity Exchange, Inc. (COMEX). This vast network underscores why CME’s Fed tool is a pivotal reference for understanding rate expectations.
In the crypto world, ETFs, especially those from BlackRock, have been on a BTC buying spree, significantly outpacing their usual purchase amounts four out of five trading days last week—continuing a pattern that began on October 14. Since then, BTC has climbed from the key level of $62.8k to around $69k, although other institutional players remain less active. This is reminiscent of BlackRock’s February buying spree, which saw BTC rise from $52 k to $61k in just two weeks, with BlackRock averaging $600 million in BTC purchases daily. We’re watching this as a potential signal, though no one’s showing similar interest in ETH ETFs, not even BlackRock, who seems to have stopped DCAing into it.
BTC TA :
W : The week ended with a small red candle, a relatively calm finish considering BTC is nearing $70k. Could this set us up for a breakout ahead of election results and potential rate cuts?
D : Volatility hit hard last week, as anticipated. After a rally to $69k, Friday saw a dip, but big players defended the $66.5k level. Zooming out, BTC’s price rejected the upper bound of a year-long bullish flag, confirming the breakout on October 16 and reducing fake-out risks. However, there are currently no bullish divergences across MACD, RSI, CVD, or OBV.
4h : The recent triple divergence has been cleared, with no new divergences appearing.
1h : Overbought RSI and a shooting star at Monday's open signal a short-term correction, with support at $68.2k and $67.7k.
Alts Relative to BTC : ETH remains in a consolidation phase, still far from breaking all-time highs like BTC. SOL has been tracking BTC's moves more closely, while NEAR
is close to its yearly low of $3.8. Meanwhile, SUI, APT, and TAO saw 20%-30% corrections last week.
Bull Case : We’re breaking out of a year-long bull flag, potentially en route to $100k, with BlackRock leading the charge. Trump appears likely to win, the CME tool shows only a 1% chance of no rate cut, and gold is on the rise. Unless gold crashes, BTC might hold steady.
Bear Case : Is this just another bull trap set by market makers?
Fear and Greed Index : 54 – Neutral. We may see a shift to greed if BTC breaks above $73k.
In what world does Solana smash ETH 8.8X?Riddle me that?
It could happen in many scenarios of course.
It also could take multiple cycles
Or ETH just trends sideways from here ?
Whilst Sol keeps running to four figures as highlighted yesterday
those numbers are attainable this cycle.
Or this measured does not even come to close to happening.
We shall see...
We are just riding these speculative ways.
SOL small correction and growthBINANCE:SOLUSDT
On solana we closed the trade perfectly as soon as I noticed the selling.
Now the correction that I was talking about earlier has started.
On the chart I have marked the 168.5-170.5 zone - this is the zone we need a correction to.
Also on the chart you can see 2 levels, which can also become a reversal level.
Now we expect the movement to these trigger zones. I advise not to open any trades before that, even if it turns from the current ones.
ATCryptoScan: SOLUSD, Solana, the sunshineWeekly SOLUSD chart shows an indicative picture perfect Bullish burst.
1. MACD and VolDiv crossover on the bullish territories. The last time this might have happened would be about July 2021 (VolDiv had not enough data to be plotted atat that time);
2. a large consolidation since early 2024 appears to be breaking out and a potential break on the long term trendline is indicative with favourable technical indication; and
3. Fibonacci retracement saw a 61.8% pullback for the base which never broke down and during this time, VolDiv was trending up
So heads up... SOLUSD has a projected target price of about 336 around mid-2025.
Solana (SOL) - Potential for a Strong Uptrend Continuationhello guys.
Primary Trend Structure: The chart shows a classic Elliott Wave formation with an initial five-wave impulsive move (1-5) followed by a three-wave corrective pattern (A-B-C), suggesting the start of a new bullish cycle.
Current Cycle: The recent price action is part of a new five-wave cycle with waves 1, 2, and 3 already formed. Wave 4 appears to be forming, preparing for a final upward movement in wave 5.
Wave 4 Support Zone: The purple-shaded area marks a strong support zone, which could act as a launch point for wave 5 if prices retrace to this level. This support is in line with the typical retracement levels for wave 4, reinforcing its validity as a potential pivot zone.
Wave 5 Target: Based on Fibonacci extensions, wave 5 could potentially reach the 0.618 extension level, around the $680 zone, representing a significant upside from the current price.
Bullish Continuation Signals: Higher highs and higher lows are evident, which confirm a bullish trend. The price staying above key support levels strengthens the bullish outlook.
Risks: If prices break below the wave 4 support zone, the structure could invalidate the expected bullish wave 5 target, leading to a potential deeper correction.
Summary: The chart shows a potential bullish continuation in SOL, with a target in the $680 zone if wave 4 support holds and wave 5 unfolds as anticipated.
SOL (1M_Journey) Entry ( 168.8 ) Target ( 190) Stop ( 160 )BINANCE:SOLUSDT
1 Million Journey.
It is a long journey with NO FOMO & NO RUSH.
In those trades i will try to make 1 million USD from 1000 USD.
*********************************************************************************
(4)
Entry ( 168.8) 1000$
Target ( 190)
Stop ( 160 )
*********************************************************************************
General information
************************
1. throw this challenge i will try to make 1 million USD from 1000 USD
2. It will be very long journey not fixed by time with NO FOMO & NO RUSH.
3. I will take this challenge by my personal money and my personal decisions so please if you need to follow ( do your own plan).
4. May be i can achieve that target and may be not.
5. I think it will be educational challenge.
6. May be a lot of challenges Throw the journey, i will try to correct the path every fall.
6. I do not need 1000X in one coin but i need small profit with a lot of successful trades depend on the following formula for 10% Profit
NST= ( IN(FV/C) ) / ( IN (1+P) )
NST = Number of successful trades (NST)
FV = Final value
C = Capital
P = Profit percentage
IN = Natural logarithms ( IN from calculator)
NST = ( IN ( 1000 000 / 1000 ) / ( IN ( 1 + 10% ) ) = 6.908 /.09531 = 73.5 Successful trade. with no loses.
Risk management
**********************
1. Entry by 50% or 75% depend on the market situation.
2. Maximum 5% loses per trade.
3. Maximum 1 lose per day.
4. Maximum 2 loses per week.
5. Maximum 2 trades per day.
6. Minimum rewards has to be 5% and the maximum depends the coin targets & market situation.
Trading rules
****************
1. Figuring the best entry point.
2. After achieving more than 5% profit moving stop loss to secure 5% profit .
3. Trading available opportunities in the market ( everyday - every week - every month)
4. Trading will be spot only.
5. Trading will be with trusted & high liquidity platform ( Binance coins).
6. (Monitoring coins - low liquidity coins) will not be traded .
7. (High rewards -low risks - fast trades - lower time frames ) will be traded.
Notes
********
1. these rules can be changed due to the market situations and new challenges.
Remember always, NO FORMO - NO RUSH It is a long journey.
Thank you for reading,
@Crypto_alphabit
Honestly, I don't feel like explaining, the chart says it all !!SOLUSDT is in the ascending phase by the cup and handle.
SOL is in a large C&H if it follows these pattern, the price will have a nice rally.
⭐The pattern increases the price by the amount of the measured price movement (AB=CD).
✨We spend hours finding potential opportunities and writing useful ideas, we would be happy if you support us.
Best regards CobraVanguard .💚
_ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
✅Thank you, and for more ideas, hit ❤️Like❤️ and 🌟Follow🌟!
⚠️Things can change...
The markets are always changing and even with all these signals, the market changes tend to be strong and fast!!
SOL will soon be bearishWave F of our diametric was an ABC, wave C of this diametric is ending.
In the red zone, the correction can end and the price enters the G wave.
We are looking for sell/short positions in the red range.
With Solana drop, the currencies that are on Solana network also seem to drop (MEW, MYRO, WIF, etc.).
Closing a daily candle above the invalidation level will violate the analysis
For risk management, please don't forget stop loss and capital management
When we reach the first target, save some profit and then change the stop to entry
Comment if you have any questions
Thank You
JUP SWING LONG IDEA - JUPITER COIN SWING LONG - SOLANA CHAINFundamental Analysis: JUP is the top DeFi project on the Solana chain. It’s a strong project and one of my favorite DeFi projects in all of crypto. I have confidence in their team and vision. Recently, we’ve seen strong momentum in JUP alongside SOL's bullish movement.
Technical Analysis: The price is coming from the monthly demand zone. The weekly demand zone supported the price after testing the monthly zone, and it has broken the diagonal bearish trendline that was responsible for the mid-term bearish trend.
We recently hit and got rejected at the diagonal trendline responsible for the long-term bearish momentum. I believe we’ll see a small retracement from here before taking off, potentially aiming for new all-time highs.
SOL = ETH's Killer - If this isn't obvious, I don't know what isHello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
The picture speaks for itself, doesn’t it?
1️⃣While SOL has held strong within the ascending triangle shown in red, ETH has already broken below its $2,800 support level.
2️⃣Moreover, since the beginning of 2024, SOL has surged by over 100%, while ETH has risen only 17%.
Imagine how aggressively SOL could push during the upcoming bull run.📈
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
Solana Approaching Critical Resistance—A Big Move Is Coming!Yello, Paradisers! #SOLUSDT is once again showing bullish momentum as price breaks out of a lower-time frame double bottom pattern. Now, #Solana quickly approaching the crucial inverse head and shoulders neckline level—could this be the start of a higher time-frame reversal?
💎Since early August, Solana has been forming a bottoming pattern, and the bulls are getting closer to pushing it into a significant reversal. The immediate target for this double bottom breakout lies between 162 - 164, which coincides with the inverse head and shoulders breakout zone.
💎While some profit-taking may occur around this level, a breakout above the neckline would push Solana into a much stronger upward trend. From there, expect the price to initially aim for 169.50 level followed by the strong resistance levels at 179 to 185 which are around the recent highs.
💎Solana also has strong support zones in place, offering significant protection for the bulls. Around the moderate support levels of 147.80 to 147.20, both horizontal support and dynamic supports have their presence. This region will make it difficult for sellers to gain control. Additionally, just below this area, an ascending support line at 138 provides extra reinforcement for Solana.
Paradisers, remember, trading is a game of patience and discipline. Stick to high-probability setups and follow your strategy carefully to stay ahead in this market!
MyCryptoParadise
iFeel the success🌴
Support Zone: 168.46-171.63
Hello, traders.
If you "Follow", you can always get new information quickly.
Please click "Boost".
Have a nice day today.
-------------------------------------
(SOLUSDT.P 1M chart)
The important zones are three zones.
- 171.63
- 137.04-147.56
- 101.78
Therefore, you can trade depending on whether there is support near 171.63.
-
(1W chart)
The location of the BW (100) indicator is 202.68.
Therefore, the point to watch is whether it can rise from around 171.63 and rise above 202.68.
If not, since the HA-High indicator on the 1W chart is formed at the 168.46 point, we need to check for support around 168.46-171.63.
If it falls below 168.46, we need to check for support around 137.04-147.56.
-
(1D chart)
The HA-High indicator on the 1D chart is formed at the 179.77 point.
Therefore, the key is whether it can support around 179.77.
Currently, the StochRSI and StochRSI EMA indicators are in the overbought zone and the BW indicator is at the highest point (100).
Therefore, although it is showing strong upward strength, it will show a downward trend as the downward pressure increases over time.
At this time, the point to watch is whether it can receive support around 168.46-171.63.
If it receives support, I think it is highly likely that it will lead to an upward trend to rise above the 202.68 point as I mentioned earlier.
If not, and it falls, we should check whether there is support around 158.39, where the M-Signal indicator on the 1D chart is passing.
-
The arrow was created because the BW indicator touched the 100 point.
Since it has been maintaining the 100 point since then, the BW (100) line is not created.
If the price shows a downward trend, it will show a trend of creating the BW (100) line.
Therefore, it is recommended to proceed with trading according to the movement after the BW (100) line is created.
Therefore, it can be seen that the possibility of the BW (100) line being created at the 179.77 point is increasing.
Therefore, it is necessary to check whether it is possible to enter a short-term SHORT position.
-
Have a good time.
Thank you.
--------------------------------------------------
- Big picture
It is expected that a full-scale uptrend will begin after rising above 29K.
The section expected to be touched in the next bull market is 81K-95K.
#BTCUSD 12M
1st: 44234.54
2nd: 61383.23
3rd: 89126.41
101875.70-106275.10 (overshooting)
4th: 134018.28
151166.97-157451.83 (overshooting)
5th: 178910.15
These are points where resistance is likely to occur in the future.
We need to check if these points can be broken upward.
We need to check the movement when this section is touched because I think a new trend can be created in the overshooting section.
#BTCUSD 1M
If the major uptrend continues until 2025, it is expected to start forming a pull back pattern after rising to around 57014.33.
1st: 43833.05
2nd: 32992.55
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$SOL 20DMA Breakout 200DMASolana 20DMA has crossed the 200DMA.
Last time this happened October 2023 it ripped nearly 900%
Waiting for the daily close above $180 which would invalidate its bearish trendline.
Then we’re off to the races 🏇
Alikze »» SOL | wave 3 out of 5 bullish scenario - 8H🔍 Technical analysis: The second bullish channel - wave 3 out of 5 bullish scenario
- According to the analysis presented by Solana in the previous post , the targets specified in the ceiling of the channel (the range of the first red box) were touched.
- It has now entered the second bullish channel with the break of the red box, which can continue with a pullback to the broken structure of this movement cycle.
- Therefore, according to the upward trend and the continuation of Solana's movement cycle, which is in wave 3 out of 5, the targets specified in the chart are within reach of the upward trend of Solana's currency.
💎 Objectives: The middle of the second ascending channel and then the ceiling of the channel and the specified supply area will be.
It is currently in wave 3 out of 5, which can crown the mentioned targets.
⚠️ In addition: if the Invalidation LVL area is updated and touched, the continuation of the upward scenario will be invalidated and must be checked and updated again.⚠️
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Alikze.
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BINANCE:SOLUSDT
Solana Surpasses ETH in Daily Fees What’s Fueling SOL’s MomentumIn a significant milestone, Solana ( CRYPTOCAP:SOL ) has overtaken Ethereum in daily transaction fees, raking in over $4.1 million. The driving force behind this surge is the newfound popularity of AI meme coins, which have spurred a wave of network activity on Solana ( CRYPTOCAP:SOL ), positioning the blockchain for further growth.
AI Meme Coin Craze Propels Solana to New Heights
The meme coin frenzy, spearheaded by tokens like Goatseus Maximus (GOAT) has been the key catalyst for Solana’s recent surge. GOAT has skyrocketed by 40%, reaching an all-time high of $0.7009, with its market cap soaring past $700 million in just two weeks. GOAT, which gained popularity through promotions by AI bot ‘Truth Terminals,’ highlights how AI and meme coins have captivated the crypto community.
This trend is not isolated, as more AI-driven tokens like MEW, POPCAT, PYTH, and RAY are also showing strong performance. These five tokens have gained traction on Solana, with double-digit percentage increases in just a short time. This surge in popularity has made Solana the go-to platform for launching these new-age meme coins, significantly boosting its network revenue.
Solana’s Rise to the Top
Solana’s success isn’t limited to AI meme coins alone. Over the past month, Solana ( CRYPTOCAP:SOL ) has consistently outperformed other top cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), with SOL gaining 18% in value. At press time, SOL is trading at $174, with a market cap of $82 billion, firmly securing its place among the top five cryptocurrencies according to CoinMarketCap.
Analysts are bullish on Solana’s future, with some predicting a parabolic rally that could push the SOL price toward its all-time high of $2,000. Data from Coinglass shows that open interest in Solana ( CRYPTOCAP:SOL ) has surged by 13.7%, reaching $3.4 billion, while derivatives trading volume has increased by 25% to $9.54 billion in the past 24 hours. These figures suggest that more institutional money is flowing into Solana, setting the stage for a continued price rally.
Technical Outlook: A Bullish Run for SOL?
From a technical perspective, Solana’s price action shows bullish momentum, with CRYPTOCAP:SOL up by 2% at the time of writing, trading above key moving averages. The daily candlestick chart displays a bullish engulfing pattern, a strong indicator that the uptrend could continue. However, the RSI stands at 70.87, signaling that CRYPTOCAP:SOL is approaching overbought territory, which warrants caution. A consolidation phase could see CRYPTOCAP:SOL pull back to the support level of $145.
Nevertheless, market sentiment remains positive, with many analysts pointing out that Solana, like most altcoins, often mirrors Bitcoin’s performance. If BTC shows strength in the coming weeks, CRYPTOCAP:SOL could test the $200 resistance level, potentially paving the way for new highs.
Conclusion
Solana’s ability to surpass Ethereum in daily fees underscores its growing importance in the crypto ecosystem. As the blockchain continues to dominate the AI meme coin space, it is likely to attract more developers and projects to build on its platform. With robust technical indicators and a supportive fundamental outlook, Solana ( CRYPTOCAP:SOL ) is well-positioned for sustained growth, making it one of the top contenders in the Layer-1 blockchain space.
Solana’s recent surge and the attention it’s receiving from traders, developers, and investors alike could mark the beginning of a new era for the blockchain. While caution is warranted due to its current overbought levels, the long-term potential remains significant. As the AI meme coin craze continues, Solana ( CRYPTOCAP:SOL ) is set to remain in the spotlight, with its price action likely to captivate the market in the weeks ahead.
10/23 5th time BTC rejected from 70k. Bullish? Overview:
The AMEX:SPY saw a healthy pullback of 0.9%, with a long wick touching levels last observed on September 26th. The index trended downward from the start of the trading session but rebounded sharply in the last two hours, doubling the volume seen earlier in the day. This surge formed a hammer candle—a bullish indicator, particularly when accompanied by increased volume.
Existing home sales in the U.S. dropped 1% from the previous month, reaching a seasonally adjusted annual rate of 3.84 million in September 2024, marking the lowest level since October 2010. Today, new home sales and initial jobless claims are expected, with forecasts set at 245k, slightly above the previous reading of 241k. If the numbers come in lower than expected, it would suggest the economy is not cooling sufficiently, potentially extending inflation.
This decline could be attributed to a rise in the 30-year fixed mortgage rate, which jumped 14 basis points to 6.82%, the highest since July 26 and a 71-basis-point increase since the Fed’s last major rate cut.
The likelihood of a rate cut in November has now dropped to 7%, influenced heavily by the Fed's upcoming reports. Given the weakening housing data, a rate cut may still be necessary to support the economy.
The recent market correction has exposed different strategies among ETF managers. BlackRock continues to buy aggressively, maintaining its purchase levels even after a 5% correction, keeping its stance bullish. Fidelity has remained neutral, staying on the sidelines since the peak of the current bull wave. ARK Invest, however, bought heavily at the top but is now selling during the correction, realizing losses. In summary: BlackRock is bullish, Fidelity is neutral, and ARK is bearish.
BTC TA:
W: BTC is slowly forming this week's red candle, but bullish hopes persist.
D: A significant correction unfolded, as the triple divergence likely completed. The day's wick dipped below $65.8k, then bounced off the 0.618 Fibonacci level, calculated from the bullish pump that began on Monday, October 14th. Despite the pullback, BTC showed higher volume and managed to recover. The final daily candle formed a bullish hammer, although the volume wasn't notably higher than the last two bearish days. As previously mentioned, as long as $62.7k holds, the bullish outlook remains intact.
Drawing trendlines for BTC this year shows the current upper boundary is slightly sloped downward—forming the top of what appears to be a bullish flag. It follows a large rally, with a slight pullback and consolidation, setting up for another potential breakout. Last Friday, on the 18th, the trendline was broken, suggesting a bullish confirmation if retested. However, yesterday’s price action pushed BTC below this trendline. Of course, the trendline could be adjusted to fit the bullish narrative, but the key level to watch is $66.5k.
4h: A sharp drop occurred yesterday, but most of it was recovered in the latter half of the day. This dip seems correlated with the S&P 500’s drop. BTC lost the local point of control at $66.8k but regained it. If bearish momentum continues this week without positive news, and if BTC falls below $65.8k, the next critical support is the yearly level of $62.7k. However, this would be the fourth or even fifth time this year that BTC has been rejected from $70k. If that happens again, will there be enough bullish momentum left to hold $62.7k? The candle that bounced off the 0.618 Fibonacci level formed a green hammer with above-average volume—a bullish sign.
1h: The hourly chart shows a V-shaped recovery, an uncommon pattern in market behavior. Beyond that, no additional insights.
Alts Relative to BTC: Interestingly, SOL has been rising while the rest of the market declines. Some attribute this to renewed interest in memecoins. However, popular Solana-based memecoins like WIF, BONK, and MEW are down, with only Popcat showing gains.
Bull Case: BTC faces rejection at $70k, followed by a deep pullback, and the Fed decides not to cut rates in November.
Bear Case: The Fed cuts rates, and BTC rallies.
Fear and Greed Index: The index is at 52, continuing its downward trend this week.
Opportunities : Check BINANCE:APTUSDT for a possible short opportunity. If SUI and TAO already corrected after their big pump, APT still wobbles at the top and recently posted bearish shooting star daily candle with high volume.
SOL is attempting to break outCurrently SOL is trying to break out from a big asymetrical triangle that could also be some sort of handle of a giant cup. The weekly close is still far from closing so we have to wait to be sure but in a red market this is a good sign.
Weekly chart:
If the break out happens the final target for this leg should be 300 USDT with resistances at 205 and 260.99. When this happens the entire Solana ecosystem should follow.
Good luck
