SOLUSD has recently formed a bearish reversal pattern known as a rising wedge. In alignment with this pattern, the RSI is synchronized with the price action, displaying no divergence, further confirming the potential bearish outlook. Consequently, it is advisable to consider placing a sell stop order below the recent higher low at 136.39, with a stop loss positioned at the recent higher high of 142.30.
The profit-taking levels can be strategically set at TP 1: 129.22 and TP 2: 122.13, respectively. This structured approach integrates technical analysis with risk management, fostering a disciplined trading strategy aimed at capitalizing on the anticipated downward movement.
The profit-taking levels can be strategically set at TP 1: 129.22 and TP 2: 122.13, respectively. This structured approach integrates technical analysis with risk management, fostering a disciplined trading strategy aimed at capitalizing on the anticipated downward movement.