SOL/USDT - Bounced off of the 200 EMA & Broke the 15-Min 100 EMA
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.
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.
100 MA acting as a 2nd resistance.