Solana Action/Reaction Short/Long (2 for 1) Special

SOLUSDT

Price bottomed out in June 13th and has been navigating through an ascending triangle.

I'm expecting the resistance along the flat-top of the ascending triangle to hold one more time.

This would also qualify as a Hagopian gap, which should push price down substantially and out of the primary fork.

A perfect place for the short term down-move to find support would be the lower boundary of the triangle; which just so happens to coincide with the trigger line of the fork. (Trigger Line = Red Dashed Line)

(Purple Dotted Lines = Fib Extensions 1.618, 2.618, 4.236, 6.854) & (Purple Dashed Lines = Linear Extensions 2, 3, 4, 5)

The Fork's extension lines have been interacting with price quite well, and serving as textbook action/reaction lines.

If the triangle/trigger line support holds, I'm expecting a violent bullish breakout of this ascending triangle that should move upward along the extension lines.

The height of the triangle and 1.618 fib extension point to a breakout target around the $68-$70 area.

Although an even bigger move to $78-$80 level is also possible.

Currently, I'm short at $46 with a stop-loss set at $49

I hope to close the short and go long on a retest of the lower triangle support line/trigger line.

If price breaks through the upper line of the triangle before heading lower, I may flip long with a tight stop.

I'll update this idea if I make any moves.

Let's see what happens.

Comment:

Still holding my short from $46. I'm looking to cover and flip to a long position on a test of the lower bound of the triangle.

Comment:

FYI - Exited Short earlier. at $39.20

Flipped Long Solana at $39.25ish