MarkStPeter

SOL/USDT - Bounced off of the 200 EMA & Broke the 15-Min 100 EMA

Long
BINANCE:SOLUSDT   SOL / TetherUS
Hello Traders,

We got a few confirmations on a move up for SOL/USDT.

1. Bounce/ re-test off of the 200 EMA .
2. Broke 100 EMA , which was acting as a local resistance.
3. We had a downtrend forming from the early hours of today, while the RSI started moving upwards forming a Bullish Divergence .

* Further confirmation and reassurance of an uptrend will be if the recent 100 EMA resistance can now act as the local support. Wait for a pullback to 100 EMA , if it bounces and confirms support level - this will be a good sign to enter the trade.

We can play this a couple of ways.

1. Short-term play to recent highs.
2. Mid-term, Hold w/ patience and we should move into a new ATH and price discovery .

Comment: SOL/USDT looks to now be forming support at the recent 100 EMA (previous resistance) and now needing to break the local 100 MA resistance.
Comment: Held support for an hour at the 100 EMA resistance/ support. Now broken down to retest 200 EMA. Forming higher highs and higher lows.

100 MA acting as a 2nd resistance.
I am not a financial advisor. Nothing that I publish on Tradingview is to be looked at as such. Trade at your own risk and do your due diligence whenever putting money into the cryptocurrency market.

Comments

Is it worth buying the SOL now?
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