SOLUSD When taking a look at the strength of Solana compared to Bitcoin, there are clues on the 4HR chart that suggest SOL may be in accumulation, rather than further continuation to the downside.
Price is currently in the 1:272 ratio band of a larger time frame. On March 10th price hit the 1:1.382 overshoot ratio and printed what appears to be a ST.
It's probable that another ST in phase B could print or perhaps a SPRING; Diving a bit lower than the previous ST. I have plotted a 1:1 ratio band with the 1:1.13 overshoot as additional support for the potential SPRING.
I will be looking for "CREEKS" in this area that could provide further clues as to when that possible SPRING could occur; which could lead to a reversal. I do see a potential inverted creek but it may not be worth noting.
-Not Financial Advice-
Note
After taking another look at SOL/BTC on a larger time frame. This could be just a case of a "MINI accumulation" event inside of a larger time frame Wyckoff Schematic. And it could very well play out on the 4HR chart and have its own spring and mini rally up to form a wave. But on a larger time frame, it is looking a bit dangerous with the slightly higher high that printed at the wedge top. That major pump we had from Solana in January could very well be a UTAB (Up Thrust after Distribution), but possibly a mini distribution. Which is a clue that lower lows from its current price are highly probable.
So, on the larger time frame; it appears that this chart could be undergoing another LPS event. I have the 0:2.272 support structure plotted underneath with points based off of previous major distribution low and high (not accounting for the Buying climax).
If things really start getting out of hand, I have a deeper 0:2.272 retracement level plotted with points based off of the previous mini distribution low and high (Wedge Top). Either one of these retracement levels could be game on, but it's too soon to tell.
Solana is ahead of ETH so far in terms of Wyckoff, So I would imagine that it tops before ETH.
-Not Financial Advice-
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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.