In this post, a double top pattern could materialize on the price movement of BINANCE:SOLUSDT on an intraday perspective.
Upcoming full chart breakdown on the idea threads below. Happy trading to everyone!
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Here is the full charting for SOL as of this writing. The double top neckline had a breakdown only to halt on $114.59 which is both the current diagonal support for SOL as well as the 0.382 Fibonacci level. I'm waiting for the next hours if this would just bounce on the support or could break down the trend line support. If it case of a breakdown, I labeled the next price line of $113.36 (0.5 Fib level) as the potential take profit area.
Also consider the chart is forming a higher high on price movement and oscillators forming lower high to equal high, citing a bear divergence.
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After a couple of hours, the double top of SOL has not materialized because of the mini breakout after the bounce and a correlated move with Bitcoin and other altcoins today.