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SOL/USDT under the microscope 🔍 - A buying opportunity near the lows [SPOT only]
📈 Technical outlook at a glance:
• Price action: Attempting to stabilize and move sideways above the recent low of 88.30, with the current price at 90.15 (+0.43%). The price is facing resistance from the moving averages and needs to break and hold above 91.61 to confirm a bullish reversal.
• Indicators (RSI & MACD): The MACD shows a notable decline in downward momentum, with the red histogram bars shrinking, while the RSI has settled at a reading near a potential rebound (40.08), suggesting smart accumulation to build a base.
🎯 Strategic trading plan (enter in stages):
• Buy (Stage 1): Enter with a small position at the current price of 90.15 to take advantage of the ongoing accumulation phase.
• Buy (Stage 2): Add to the position with limit orders at nearby support at 88.30, or after a confirmed break above the moving averages and a close above 91.61.
• Target 1: 96.59 🔥 (Expected profit: +7.1%) - [Probability: 85%]
• Target 2: 101.56 🔥 (Expected profit: +12.6%) - [Probability: 60%]
• Target 3 (ambitious): 106.00 🔥 (Expected profit: +17.5%) - [Probability: 40%]
• Strict stop-loss: A break below the recent low, followed by a 4-hour candle close below 86.64.
💡 Sticking to risk management, allocating your capital in portions, and being patient are key to staying in the market and succeeding.
$SOL #SOL #Solana #CryptoAnalysis #TechnicalAnalysis #BinanceSquare $SOL
SOL/USDT under the microscope 🔍 - A buying opportunity near the lows [SPOT only]
📈 Technical outlook at a glance:
• Price action: Attempting to stabilize and move sideways above the recent low of 88.30, with the current price at 90.15 (+0.43%). The price is facing resistance from the moving averages and needs to break and hold above 91.61 to confirm a bullish reversal.
• Indicators (RSI & MACD): The MACD shows a notable decline in downward momentum, with the red histogram bars shrinking, while the RSI has settled at a reading near a potential rebound (40.08), suggesting smart accumulation to build a base.
🎯 Strategic trading plan (enter in stages):
• Buy (Stage 1): Enter with a small position at the current price of 90.15 to take advantage of the ongoing accumulation phase.
• Buy (Stage 2): Add to the position with limit orders at nearby support at 88.30, or after a confirmed break above the moving averages and a close above 91.61.
• Target 1: 96.59 🔥 (Expected profit: +7.1%) - [Probability: 85%]
• Target 2: 101.56 🔥 (Expected profit: +12.6%) - [Probability: 60%]
• Target 3 (ambitious): 106.00 🔥 (Expected profit: +17.5%) - [Probability: 40%]
• Strict stop-loss: A break below the recent low, followed by a 4-hour candle close below 86.64.
💡 Sticking to risk management, allocating your capital in portions, and being patient are key to staying in the market and succeeding.
$SOL #SOL #Solana #CryptoAnalysis #TechnicalAnalysis #BinanceSquare $SOL
