SOL / TetherUSShort
A 80% correction for SOLANA to $30 ??
Updated
On the above 3 day chart price action has jumped 2200% from the lows of January 2023. A number of reasons now exist to expect a significant drawdown for price action. They include:
1) Price action and RSI support failures.
2) Double top in price action.
3) Price action rejects support on rising channel.
4) Price action confirms resistance of the 3-day / 50.sma (blue line). Blue arrows.
5) The support and resistance area at $30 is also the Fibonacci 0.382, which price action corrected to previously.
6) I just know this idea is not going to popular so please have a look at the previous bearish forecast for SOLANA and even better read the comments on there before becoming a cliche.
Is it possible price action continue going up? Sure.
Is it probable? No and no.
Ww
Previous idea to $5
1) Price action and RSI support failures.
2) Double top in price action.
3) Price action rejects support on rising channel.
4) Price action confirms resistance of the 3-day / 50.sma (blue line). Blue arrows.
5) The support and resistance area at $30 is also the Fibonacci 0.382, which price action corrected to previously.
6) I just know this idea is not going to popular so please have a look at the previous bearish forecast for SOLANA and even better read the comments on there before becoming a cliche.
Is it possible price action continue going up? Sure.
Is it probable? No and no.
Ww
Previous idea to $5
Trade active
Note
Receiving a massive amount of pushback from this idea.“You’re wrong!”
“Go to h+§$ with your BS”
There is the impression the masses are all in.
As with the Litecoin idea, there is evident broken market structure. That is true with the Solana idea. Broken market structure. As basic rule in trading, support and resistance must be correctly identified. So many folks fall into the trap of confirmation bias. This was evident from the LTC idea. Ultimately this is a fantastic swing trade opportunity for Solana.
Some other charts that were not shared above that might help change your mind.
6 day, strong bearish divergence.
3 week Stochastic RSI crosses down 80
Is this time really different?
Cup and Handle?
Trade active
Short position opened. Wish me luck bulls!Note
PS: Stop loss @ 160 for anyone tagging along.Trade closed: stop reached
Stop triggered.Let's keep an eye on it regardless, market structure remains broken.
Trade active
The idea was published at the double top then rallied. Now price action has printed a triple top with a lower high in RSI. $30 target remains.4 day
Note
Watch price action on the 5 day chart. Should a candle body close inside the channel this Friday... then except a 2 year downtrend.
Trade active
Nothing has changed on the original idea, price action is unable to recover support.
Trade active
Broken market structure is fully confirmed now. Multiple candles have now confirmed past support as resistance. That means price action corrects to the next support level to gather more fools and their money.
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
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