SOL.USD (Y20.P4.E1).Reversal on the way.

Hi All,

Looking at DXY (US dollar index) along with BTC and SP500, we can expect for the short term a rally as we see now running through some of the ALTs.

Here we have SOL against the US dollar, on the FTX exchange.
As one can see, its done a powerfully rally which shows people are still keen on Defi.

OBSERVATIONS:
=================================
> The 12 HRLY and 8 HRLY show bullish signs but are yet to be confirmed on the DAILY;
We have the cross over of the MACD with the signal, bullish sign;

> A key resistance at the $3.90 level stands with support at the 0.5 fib level ($3.18).

Chart below: 8 HRLY we have the following:
> RSI matched up with the price action; where we have a triangle formation with the ABCDE levels assigned to it, matching resistance and support lines, along with the fib levels.
> Phoeix has the grey energy and green RSI above the 50% with the red RSI following suit;

Daily chart: MACD merging towards the signal

THOUGHTS:
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> If my ABCDE formation is correct on the RSI, I have a consolidation under the main resistance and support area above $3.18 and if this holds, above the trend line as per the chart, we will likely start the next bounce up.
If it drops below the trend line, then we will look for another RSI bottom bounce.


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Regards,
S.SAri

8 HRLY Chart:

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