- As the big red weekly candle closes for BTC, we should see some volatility this week.
- Solana valued in BTC has exited a rectangular distribution topping pattern.
- Failure to recapture the rectangular box and enter back into it in a spring like move is looking increasingly unlikely.
- Ethereum valued in BTC followed a very similar pattern in Nov 2023, exiting the rectangular distribution rectangle and fell much much lower.
- The 50 week (blue line) and 200 week (purple line) moving averages also follow a similar trajectory for both instruments / coins.
- If SOL / BTC does not recover into the box, and fast I will be exiting a long term position I hold.
Defensive Strategy based on this chart and the USD chart warrants consideration
PUKA
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.