Place a short at 8.75, and take profit (Volume 50%) when price line is crossing the dashed support line and another take profit (Volume 50%) when crossing the dotted line. You heard me, I will update the idea if prices are increasing.
Looking at a long position with Sol here seems to be forming a cup and handle pattern with solid support around the $150ish mark entering with stop set at $149 leaving an open profit target until market shows bearish signs then close.
I have observed many times that before a reversal move, there will be likely a fakeout. As you see, it does first a fakeout. And now it is making a breakout and re-test. In my opinion, it will bounce from there. In case of the movement becomes a fakeout, I will stop loss below the trend line in 4 hour close.
Besides it, Blue lines are the strong...
Hourly chart of Solana has been in a solid downtrend since the highs of $217 on the 9th of September. with the 50dma < 200dma and the channel having a declining bias.. it will be an important level for the market, more so for the bears.
Bears will be licking their lips for more downside but Bulls will be eyeing for a break of the channel to resume the bull trend
The zone i have highlighted on the chat is the range between the top and bottom of a high volume daily doji and we're overbought on the weekly showing bearish divergence on the RSI while on the daily RSI we are breaking down after being overbought; If we break below the zone i have highlighted then i expect to see a huge move down to the moving averages.