Today’s analysis – SOLUSDT- trading in a defined range where an up-thrust into resistance is probable,
Points to consider, - Price action impulsive - Daily S/R Support - .618 Fibonacci Support - MS Higher Low
SOLUSDT’s immediate price action is impulsive, it is potentially establishing a higher low that is in confluence with the .618 Fibonacci, Daily S/R and the VAL, allowing for a bullish bias.
The immediate market structure remains bullish, thus, there is a higher probability of price action testing resistance again.
Overall, in my opinion, SOLUSDT is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps,
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And remember,
If you can’t take a small loss, sooner or later you will take the mother of all losses.” – Ed Seykota