Very quick update on SOL: as I said in my last post, I believe Bitcoin is looking rather bearish atm, so I expect SOL to follow and break down below recent support as well. At first I was quite certain that SOL was doing a falling wedge which would've resulted in a reversal to the upside, but given the outlook for Bitcoin + the fact that the falling wedge is not forming very well imo, I'm more keen to think it's going down again. (Patterns CAN fail. They often do. Nevertheless the wedge could always end up forming nicely, then we'd a have a short bullish breakout but it would end up falling back down anyway). Reason why I say we shall not expect a mid-bear market rally for SOL (above $70) before July is because of the Kijun-sen being above the price action + the HUGE red Kumo cloud above us. Gonna need a lot of blood sweat and tears to go through that.
I am looking to accumulate SOL for mid-long term, so I see this as an opportunity. The current zone that I named D2 is a gap in which SOL hasn't really been trading. As we can see, demand hasn't been there is this zone so far. Below us we have a BIG demand zone which I divided into 2 and drew it according to what IChimoku shows during Spring 2021. We will for sure come down to D1 zone in which a lot of people will want to accumulate. If things really go south in all markets, we could certainly dip to the D0 zone, which I expect to be strongly defended again. It's ideal, IN MY OPINION, to accumulate in this zone. If you believe in SOL long term. Just saying. Your choice. Let's see!
I am looking to accumulate SOL for mid-long term, so I see this as an opportunity. The current zone that I named D2 is a gap in which SOL hasn't really been trading. As we can see, demand hasn't been there is this zone so far. Below us we have a BIG demand zone which I divided into 2 and drew it according to what IChimoku shows during Spring 2021. We will for sure come down to D1 zone in which a lot of people will want to accumulate. If things really go south in all markets, we could certainly dip to the D0 zone, which I expect to be strongly defended again. It's ideal, IN MY OPINION, to accumulate in this zone. If you believe in SOL long term. Just saying. Your choice. Let's see!