Following on from my previous idea re the anticipation of the liquidation phase of Solana reversing. I have seen several confirmations today that Solana is indeed in the early phase of moving upwards and have placed a long position as of 21:00 UTC.
Price action has shown me the following story so far
1. Price breakout from the descending trend line
2. Retrace back to the trend line
3. Consolidation of price with a resistance level formed at the trend line retrace
4. Two higher lows have already been formed
5. Bullish engulfing candle at 21:00 UTC, confirmed by bullish volume
I will be targeting take profit levels at Target 1 and Target 2, but I may change these as I watch how the market develops overtime.
I realise that Solana is still in the early reversal phase and it might be wise to wait for the current daily candle to close for a reversal confirmation, but I was willing to try and get in the move early. If this trade fails, I will try again later if further bullish convictions are formed or simply wait to see if the market decides to continue on the short side. There is also the possibility that the market continues sideways for a little while longer! Lets see what happens.
I'm keen to hear what you all think :)
Price action has shown me the following story so far
1. Price breakout from the descending trend line
2. Retrace back to the trend line
3. Consolidation of price with a resistance level formed at the trend line retrace
4. Two higher lows have already been formed
5. Bullish engulfing candle at 21:00 UTC, confirmed by bullish volume
I will be targeting take profit levels at Target 1 and Target 2, but I may change these as I watch how the market develops overtime.
I realise that Solana is still in the early reversal phase and it might be wise to wait for the current daily candle to close for a reversal confirmation, but I was willing to try and get in the move early. If this trade fails, I will try again later if further bullish convictions are formed or simply wait to see if the market decides to continue on the short side. There is also the possibility that the market continues sideways for a little while longer! Lets see what happens.
I'm keen to hear what you all think :)