📊 SOLUSDT Chart Pattern Analysis and Trade signal 🎯
This chart shows a symmetrical triangle that has transitioned into a larger ascending wedge pattern, with clear ABCDE wave formations, indicating potential bullish momentum. The price has completed its wave E, and we are currently in a rebuy zone between 145.88 USDT and 146.56 USDT.
• Wave Structure: The chart appears to follow the Elliott Wave corrective pattern, with the formation of an ABCDE structure. This indicates that the price is correcting within a larger trend and preparing for a possible breakout move.
🔻 Rebuy Zone:
• Support Area: The green rebuy zone signifies a key support area where price has historically reversed upwards.
• Expected Move: The price could bounce from this level and rise toward the initial target of 165.32 USDT, which is based on the measured move from wave E’s low.
• Bullish Confirmation: Once this level is breached, the next bullish target would be 188.15 USDT, aligning with the upper boundary of the wedge pattern.
🔺 Invalidation Level:
• Key Risk: If the price drops below 122.50 USDT, this would invalidate the bullish structure and suggest a deeper correction, making the trade more risky.
📈 Recommendation:
• Entry: Consider entering a long position within the rebuy zone (145-146 USDT) to capture the potential breakout.
• Targets:
• First Target: 165.32 USDT, which aligns with previous highs.
• Second Target: 188.15 USDT, at the top of the wedge pattern.
• Stop Loss: A stop-loss should be set below the 122.50 USDT invalidation level to manage risk.
💡 Summary:
• tge chart suggests a bullish potential with possible gains toward 165.32 USDT and 188.15 USDT, assuming the price holds above the rebuy zone.
• Risk Management: A stop-loss is crucial to protect against a break below the 122.50 USDT invalidation level.
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