OVERALL METHOD EXPLAINED: In this 4H Solana/USDT Chart, I went trough the overall trend (bullish up until some point in the chart), used the Fibonnaci retracement tool (usually I use the "Golden Area" as of guidance ,from my point of view it doesn't have to be very difficult), identified key areas of support and resistance, and drawed out some waves to help understand any possible direction reversal.
A LITTLE MORE IN DEPTH: Price has been trading sideways overall since a while ago, not really forming a decisive direction. Therefore at this point, and after dropping so low, it was able to sustain itself for a bit around the 17 range. After (most recently) going on up until the 21 range and maintaining the price there, with all the analysis and specially regarding the waves and the fact that it is sustaining in the 21 range, the fibonnacci helps see the TP at 34.91 and SL at 15.46, forming a RR of 2, which I see as safe, since upon continuation of this possible reversal there's always the possibility of moving the SL to breakeven or etc. (according to each ones methods).
What is your point of view? Will the price do as I mentioned, or similar? Let me know, and give me a boost if this makes sense to you! Have a great day y'all.
Hi, congratulations on sharing your first idea with the community. We hope you enjoyed using the different charting tools and the process. Hope it is a great trade for you.
From mod @zAngus