There are a lot of interesting features on the SOL/USD chart. Assuming that Bitcoin and Ethereum continue to trend down, this head and shoulders pattern will likely be successful. Looks like a short term short opportunity, just prior to a longer term long.
Bearish:
Bullish:
Note levels of support per the fib circles.
Bearish:
- Rejected by the top of the downward trend line
Visible head and shoulders pattern
Bullish:
- Cypher pattern valid after slight move down
Bullish hidden divergence on the RSI
Many other oscillators indicate oversold levels
Note levels of support per the fib circles.
Note
Oops. The divergence on the RSI is not "hidden."Note
Short term bearish H&S completed just shy of the Cypher point of confirmation. Close enough to call the cypher valid? Now a bullish H&S is visible, with a target at about $115. If this target is met within a reasonable time frame, a bearish bat pattern will also be present (drawn offset to the left for clarity).
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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.