SOLUSD
OBSERVATION:
Yesterday, as I exited my short (entry 216, Exit 203) I noticed a few things: we encountered a strong support at about 200 and a relatively quick bounce.
As I observed ichimoku, I noticed a few bearish signals; one was the 4h candle close under the kumo which can be the signaling of an ensuing down trend IF all the other indicators signal similarly; I went over to lagging span, which also managed to close under the Kumo cloud, and that made me even more bearish, .. i was ready to reenter my short; the base and conversion lines were also flipped and it seemed like every indicator was there (on ichimoku) to indicate a move to the downside, EXCEPT
The kumo was not red. it remained green despite all of the bearish indicators. I decided to go long at 203; if you zoom out, .. you will see that on the 4h, we are on a head and shoulders pattern, .. which is a bearish pattern.
BB band strategy has us right above the mean (20 MA) on the 4h .. we have since bounce back INSIDE of the Kumo cloud, and that is a strong signal (at least to me) that bulls are beginning to take control of the momentum.
If we manage to close the daily above 215, then i believe we will retest ATH within a couple days; a close below the cloud, .. or a retest of the previous support at 202 could take us lower.
SOLUSD
There are other factors that I am taking into consideration like Elliot Wave Theory; I will paste pictures of that strategy and how it is helping to gather as many indicators to prove my bullish thesis for SOL, .. :)
Happy Thanksgiving!
Yesterday, as I exited my short (entry 216, Exit 203) I noticed a few things: we encountered a strong support at about 200 and a relatively quick bounce.
As I observed ichimoku, I noticed a few bearish signals; one was the 4h candle close under the kumo which can be the signaling of an ensuing down trend IF all the other indicators signal similarly; I went over to lagging span, which also managed to close under the Kumo cloud, and that made me even more bearish, .. i was ready to reenter my short; the base and conversion lines were also flipped and it seemed like every indicator was there (on ichimoku) to indicate a move to the downside, EXCEPT
The kumo was not red. it remained green despite all of the bearish indicators. I decided to go long at 203; if you zoom out, .. you will see that on the 4h, we are on a head and shoulders pattern, .. which is a bearish pattern.
BB band strategy has us right above the mean (20 MA) on the 4h .. we have since bounce back INSIDE of the Kumo cloud, and that is a strong signal (at least to me) that bulls are beginning to take control of the momentum.
If we manage to close the daily above 215, then i believe we will retest ATH within a couple days; a close below the cloud, .. or a retest of the previous support at 202 could take us lower.
SOLUSDThere are other factors that I am taking into consideration like Elliot Wave Theory; I will paste pictures of that strategy and how it is helping to gather as many indicators to prove my bullish thesis for SOL, .. :)
Happy Thanksgiving!
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