Bears everywhere but the question is - can they really read a chart 🤨?
Anyhow - various altcoins now printing positive candles from positions of ratio balance.
Notice that SOL is hitting a "Harmony Confluence Zone" (as I call it = multiple confluences within a small price band) here bouncing within a double Golden Window:
The bullish hammer candle has quickly whipsawed to reach the 2.272 extension Golden Window (one of my favourites) - taking the 0 and 1 pivots of the downtrend.
And that is within a higher time frame retracement Golden Window (0.618 - 0.786) taking the low to the high of the April uptrend as pivots.
The RSI is oversold - down at 27.
It is the first time it has been oversold since the June 2023 lows. And that was in accumulation before the bull market:
In addition it has slumped to fall through a descending wedge. Its quite steep but descending wedges tend to be a bullish clue and this trending below the trendline may prove to be a liquidity shakeout below the wedge which may later recover to the upside.
All of these combined events signal that there is plenty of bullish confluence and this may be prime dip buy territory right here.
For price action confirmation - the day candle should close bullish - so a doji wouldn't really be enough, a hammer would be better - let's see 🧐.
This analysis is shared for educational purposes only and does not constitute financial advice. Please conduct your own research before making any trading decisions.
Anyhow - various altcoins now printing positive candles from positions of ratio balance.
Notice that SOL is hitting a "Harmony Confluence Zone" (as I call it = multiple confluences within a small price band) here bouncing within a double Golden Window:
The bullish hammer candle has quickly whipsawed to reach the 2.272 extension Golden Window (one of my favourites) - taking the 0 and 1 pivots of the downtrend.
And that is within a higher time frame retracement Golden Window (0.618 - 0.786) taking the low to the high of the April uptrend as pivots.
The RSI is oversold - down at 27.
It is the first time it has been oversold since the June 2023 lows. And that was in accumulation before the bull market:
In addition it has slumped to fall through a descending wedge. Its quite steep but descending wedges tend to be a bullish clue and this trending below the trendline may prove to be a liquidity shakeout below the wedge which may later recover to the upside.
All of these combined events signal that there is plenty of bullish confluence and this may be prime dip buy territory right here.
For price action confirmation - the day candle should close bullish - so a doji wouldn't really be enough, a hammer would be better - let's see 🧐.
This analysis is shared for educational purposes only and does not constitute financial advice. Please conduct your own research before making any trading decisions.
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See related ideas also.Note
Slight correction: It hasn't been oversold on the 2 day chart since 2023.*Thanks to King Joffrey for catching that 👍.
Note
Yesterday did just about close a bullish hammer and today the SOL has been bullish against Bitcoin making a higher low with Bitcoin making a lower low.This divergence signals that SOL is reading to pop if Bitcoin will bounce - and the signs are good; see my Bitcoin thread for next update.
My thread has been graced by TradingView captain Without Worries! - to give his bearish warning about buying the dip here.
Bears everywhere.
I bought more!
Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
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Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.