SOLANA still look bullish despite an abc correction
On this weekly chart, SOL just retested 34 ema at around 136.
However, this abc down may find support further down at 50ema around 115 w/c is also the base of my
Green rectangle support box accumulation zone.
I’m bullish because:
1) the Stoichastic RSI is oversold & turning up
2) 115 is near the 61.8% FIBONACCI retracement
Warning: a drop below 115 may bring SOLANA down to 70, the next available support.
In any scenario, wave 3 have to continue after ABC completion.
Pls make your own analysis & dont follow blindly.
However, this abc down may find support further down at 50ema around 115 w/c is also the base of my
Green rectangle support box accumulation zone.
I’m bullish because:
1) the Stoichastic RSI is oversold & turning up
2) 115 is near the 61.8% FIBONACCI retracement
Warning: a drop below 115 may bring SOLANA down to 70, the next available support.
In any scenario, wave 3 have to continue after ABC completion.
Pls make your own analysis & dont follow blindly.
Note
Also the Money Flow index inside the MKT Cipher B has been green since May, indicating na lot of buyers.MFI still holding above zero line despite way way oversold condition in STOICHASTIC RSI.
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.
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.