On the daily timeframe SOL has pulled back to a key area of interest for accumulation - the 61.8 fib level. It is currently testing the cradle of the 10/20EMA and a break above and hold / EMA twist could see the start of a reversal.
On the H4, we've started some bullish activity, and are currently being held up on the 100EMA. If BTC holds this range, I think we might see SOL push up to test at least the area marked in red, aligning with the 61.8 fib from the last bearish push down, and the region of the 50 fib on the daily.
Moving down to the H1, if we draw a LTF fib on the bullish push, we can see that we have some momentum and have already achieved the first extension TP target for a fib retracement trader after having a strong bounce off the 23 fib and the 10/20EMA cradle. A push higher will likely require more fuel, so its possible that we could see a retracement back to the red arrow drawn as an estimate of the 100EMA direction for the H1 candles. This also aligns with our LTF breaker block area and 38.2 on this recent push, so some confluence there.
On the H4, we've started some bullish activity, and are currently being held up on the 100EMA. If BTC holds this range, I think we might see SOL push up to test at least the area marked in red, aligning with the 61.8 fib from the last bearish push down, and the region of the 50 fib on the daily.
Moving down to the H1, if we draw a LTF fib on the bullish push, we can see that we have some momentum and have already achieved the first extension TP target for a fib retracement trader after having a strong bounce off the 23 fib and the 10/20EMA cradle. A push higher will likely require more fuel, so its possible that we could see a retracement back to the red arrow drawn as an estimate of the 100EMA direction for the H1 candles. This also aligns with our LTF breaker block area and 38.2 on this recent push, so some confluence there.
Comment:
We've seen a positive reaction from the 61.8 Fib and BTC appears to be ranging at the moment on the LTF, allowing alts some time to do their thing.
What I'm looking for to give me confidence to take an entry on SOL is a reclaiming of the breaker block and a successful re-test of that region. If we can't successfully reclaim that price level following the fundamental news, then I will close this idea off an move on to the next.
What I'm looking for to give me confidence to take an entry on SOL is a reclaiming of the breaker block and a successful re-test of that region. If we can't successfully reclaim that price level following the fundamental news, then I will close this idea off an move on to the next.
Trade active:
Alright team, we are alive on this one. Entries in the area around the re-test zone. Two targets, as indicated by the PNL tool.
Trade active:
The first TP hit, have taken 50% off the table and moved the stop loss to break even. Given that the price action has to move through this upper supply zone before confirming a continuation, I will be monitoring the momentum of the move using the 10/20 EMA cradle on the hourly timeframe. If this has a bearish twist, then I will be looking to exit the trade and wait for further confirmation of the next direction. For those interested, I'll paste the custom simple EMA Pine Script code below for your use.
Comment:
//@version=4
study(title="Moving Average Exponential", shorttitle="EMA Fan", overlay=true, resolution="")
len1 = input(10, minval=1, title="Length 1")
src1 = input(close, title="Source 1")
offset1 = input(title="Offset 1", type=input.integer, defval=0, minval=-500, maxval=500)
out1 = ema(src1, len1)
O1 = plot(out1, title="EMA_1", color=color.blue, offset=offset1)
len2 = input(20, minval=1, title="Length 2")
src2 = input(close, title="Source 2")
offset2 = input(title="Offset 2", type=input.integer, defval=0, minval=-500, maxval=500)
out2 = ema(src2, len2)
O2 = plot(out2, title="EMA_2", color=color.purple, offset=offset2)
len3 = input(100, minval=1, title="Length 3")
src3 = input(close, title="Source 3")
offset3 = input(title="Offset 3", type=input.integer, defval=0, minval=-500, maxval=500)
out3 = ema(src3, len3)
plot(out3, title="EMA_3", color=color.orange, offset=offset3)
fill(O1, O2, color = out1 > out2 ? color.green : color.red)
alertcondition(condition= (out1 > out2 and out1<= out2),
title= "Bullish EMA" ,
message="Bullish EMA Cross")
alertcondition(condition= (out1 < out2 and out1>= out2),
title= "Bearish EMA" ,
message="Bearish EMA Cross")
study(title="Moving Average Exponential", shorttitle="EMA Fan", overlay=true, resolution="")
len1 = input(10, minval=1, title="Length 1")
src1 = input(close, title="Source 1")
offset1 = input(title="Offset 1", type=input.integer, defval=0, minval=-500, maxval=500)
out1 = ema(src1, len1)
O1 = plot(out1, title="EMA_1", color=color.blue, offset=offset1)
len2 = input(20, minval=1, title="Length 2")
src2 = input(close, title="Source 2")
offset2 = input(title="Offset 2", type=input.integer, defval=0, minval=-500, maxval=500)
out2 = ema(src2, len2)
O2 = plot(out2, title="EMA_2", color=color.purple, offset=offset2)
len3 = input(100, minval=1, title="Length 3")
src3 = input(close, title="Source 3")
offset3 = input(title="Offset 3", type=input.integer, defval=0, minval=-500, maxval=500)
out3 = ema(src3, len3)
plot(out3, title="EMA_3", color=color.orange, offset=offset3)
fill(O1, O2, color = out1 > out2 ? color.green : color.red)
alertcondition(condition= (out1 > out2 and out1<= out2),
title= "Bullish EMA" ,
message="Bullish EMA Cross")
alertcondition(condition= (out1 < out2 and out1>= out2),
title= "Bearish EMA" ,
message="Bearish EMA Cross")
Trade closed manually:
Looking at the chart, the price action on SOL is starting to form what looks like a bull flag above the last resistance. HOWEVER, one thing that I've been working on is my positional bias, and I think this could be a factor here.
The exit condition I set for myself for this trade was when the 10EMA crossed below the 20EMA on the H1 candles. That has now occurred, so I have manually closed this trade.
The exit condition I set for myself for this trade was when the 10EMA crossed below the 20EMA on the H1 candles. That has now occurred, so I have manually closed this trade.
"According to a series of etherscan transactions, an attacker has exploited Wormhole, a bridge between the Ethereum and Solana blockchains, for close to $323 million in ETH."