SOL live analysis (price 104.3, ~8:20 PM IST)
Chart overview:
After the bounce on 15 Oct, SOL has been ranging between 102.5 and 107.4. Yesterday (16 Oct), it broke below this range, and since then the price has been moving in a very tight range between 104.0 and 105.3 (for the past ~17 hours).
Volume has dropped significantly (20K to 50K per hour, compared with 100K to 155K during the decline). This kind of pressure often comes before a sharp move in either direction.
The highs keep getting lower: 107.4, 106.5, 105.3. The trend is down or sideways, and BTC is also weak.
Resistance: 105.3, then 106.4 to 106.7, then 107.4. Support: 103.8, 102.5, 100.6.
Signal: short near the top of the range
Price
Coin
SOL
Direction
Short
Entry
105.3 (price is currently ~1% lower)
SL
107.0 (risk 1.6%)
TP1
102.6 (R:R 1.6)
TP2
100.9 (R:R 2.6)
Enter when: the price approaches 105.3 and shows signs of stalling or turning back down (an upper wick, followed by a 1h candle closing lower).
Skip if:
The price never reaches 105.3 and drops straight below 103.8. Don't chase it.
A 4h candle closes above 107.0 (the idea is invalidated).
The price holds above 105.3 with volume (the range could break upward).
Risk: With volume low, a breakout in either direction could be sharp, so be sure to use an SL. Keep leverage between 3x and 5x, and keep the position small. My data is current up to ~8:20 PM IST.
This is just an example of analysis, not a recommendation to trade. I am not a financial advisor, and the final decision is yours.
Chart overview:
After the bounce on 15 Oct, SOL has been ranging between 102.5 and 107.4. Yesterday (16 Oct), it broke below this range, and since then the price has been moving in a very tight range between 104.0 and 105.3 (for the past ~17 hours).
Volume has dropped significantly (20K to 50K per hour, compared with 100K to 155K during the decline). This kind of pressure often comes before a sharp move in either direction.
The highs keep getting lower: 107.4, 106.5, 105.3. The trend is down or sideways, and BTC is also weak.
Resistance: 105.3, then 106.4 to 106.7, then 107.4. Support: 103.8, 102.5, 100.6.
Signal: short near the top of the range
Price
Coin
SOL
Direction
Short
Entry
105.3 (price is currently ~1% lower)
SL
107.0 (risk 1.6%)
TP1
102.6 (R:R 1.6)
TP2
100.9 (R:R 2.6)
Enter when: the price approaches 105.3 and shows signs of stalling or turning back down (an upper wick, followed by a 1h candle closing lower).
Skip if:
The price never reaches 105.3 and drops straight below 103.8. Don't chase it.
A 4h candle closes above 107.0 (the idea is invalidated).
The price holds above 105.3 with volume (the range could break upward).
Risk: With volume low, a breakout in either direction could be sharp, so be sure to use an SL. Keep leverage between 3x and 5x, and keep the position small. My data is current up to ~8:20 PM IST.
This is just an example of analysis, not a recommendation to trade. I am not a financial advisor, and the final decision is yours.