Analysis for SOL/BTC Pair:Current Market Structure:
The chart illustrates a clear range-bound structure with defined support and resistance levels.
The price has been oscillating within the horizontal range marked by:
Support: ~0.0018052 BTC
Resistance: ~0.0029090 BTC
Key Levels to Watch:
Support Zone (0.0018052 BTC):
This level has previously acted as a strong demand zone, and the price may attempt to rebound if it revisits this area.
Resistance Zone (0.0029090 BTC):
The price has failed multiple times to break above this level, as marked by points B, D, and F.
Potential Scenarios:
Bullish Case:
A successful breakout above 0.0029090 BTC could confirm a bullish wave (W3), pushing the price toward higher targets.
The next potential target beyond the range would be around 0.0045000 BTC, aligning with previous highs and psychological levels.
Bearish Case:
If the price breaks below the support zone at 0.0018052 BTC, a deeper correction could occur, leading to lower levels.
Traders should monitor for potential bearish continuation patterns below this level.
Elliott Wave Perspective:
The chart highlights the possibility of an Elliott Wave pattern forming.
The price might currently be completing wave E, preparing for a bullish wave W3 upward.
Market Sentiment:
The chart suggests indecision, with the price consolidating within the range.
A breakout on either side of the range could determine the next directional move.
Conclusion:
Bullish Breakout Confirmation: Look for a break and close above 0.0029090 BTC with high volume.
Bearish Breakdown Confirmation: Watch for sustained trading below 0.0018052 BTC.
Stay cautious of false breakouts and monitor overall market conditions for confirmation.
