On this weekly chart, SOL just retested 34 ema at around 136.
However, this abc down may find support further down at 50ema around 115 w/c is also the base of my
Green rectangle support box accumulation zone.
I’m bullish because:
1) the Stoichastic RSI is oversold & turning up
2) 115 is near the 61.8% FIBONACCI retracement
Warning: a drop below 115 may bring SOLANA down to 70, the next available support.
In any scenario, wave 3 have to continue after ABC completion.
Pls make your own analysis & dont follow blindly.
However, this abc down may find support further down at 50ema around 115 w/c is also the base of my
Green rectangle support box accumulation zone.
I’m bullish because:
1) the Stoichastic RSI is oversold & turning up
2) 115 is near the 61.8% FIBONACCI retracement
Warning: a drop below 115 may bring SOLANA down to 70, the next available support.
In any scenario, wave 3 have to continue after ABC completion.
Pls make your own analysis & dont follow blindly.
Comment:
Also the Money Flow index inside the MKT Cipher B has been green since May, indicating na lot of buyers.MFI still holding above zero line despite way way oversold condition in STOICHASTIC RSI.