SOLANA - Conservative trade for long My most conservative way to enter long based on technical analysis:
1) Daily chart
2) Identify the prolong range bound area and draw Fibonnaci line
3) Wait for daily candle to clearly break and close above Fib 0.786.
4) MACD crosses above 0 line, 1st green histogram shows up5) both RSI and Stochastic (9,3,3) cross, point upwards in 50 zone.
The price on Nov 7th 2024 (blue vertical line) is a good example. Fib 0.786 often works as the very last line of defence for the bear. The price often struggles to move above it and often gets pushed down. When it breaks decisively above and momentum indicators support that move, it often is a high probability trade in my experience. I know Solana will go up sooner or later, but if you are going to trade and want a very conservative entry point, I wiill wait for a daily candle to break and close above $246 where Fib 0.786 and the previous month high are. It also clears the large sell block. But MACD, RSI, Stochastic all need to be in agreement for the bull move.
