SOL Update: Range Break, Waiting for a Retest (4H)
SOL spent two days in a 102.5 to 107.4 range after bouncing from the 100.6 low. On Oct 16 it dropped out of the range on strong volume, and it is now bouncing slightly at 104.5. BTC and other majors are also weak, so the wider market is under pressure.
Key levels
Resistance: 105.7 to 106.7, then 107.4
Support: 102.5, then 100.6
Trend: down to sideways on the 4H chart.
Example setup (short on a bounce)
Entry: 106.4 (wait for a rejection candle, don't enter on a touch)
Stop loss: 108.5
TP1: 102.6
TP2: 100.9
Invalidation: a 4H close above 108.5. If price drops below 102.5 without retesting, don't chase it.
I'm not taking long here: the trend is against it and the risk/reward is poor.
This is for learning and sharing views only, not financial advice. Always use a stop loss, low leverage and small size. Do your own research.
#SOL #solana #CrytpoAnalysis #TradingSetup
SOL spent two days in a 102.5 to 107.4 range after bouncing from the 100.6 low. On Oct 16 it dropped out of the range on strong volume, and it is now bouncing slightly at 104.5. BTC and other majors are also weak, so the wider market is under pressure.
Key levels
Resistance: 105.7 to 106.7, then 107.4
Support: 102.5, then 100.6
Trend: down to sideways on the 4H chart.
Example setup (short on a bounce)
Entry: 106.4 (wait for a rejection candle, don't enter on a touch)
Stop loss: 108.5
TP1: 102.6
TP2: 100.9
Invalidation: a 4H close above 108.5. If price drops below 102.5 without retesting, don't chase it.
I'm not taking long here: the trend is against it and the risk/reward is poor.
This is for learning and sharing views only, not financial advice. Always use a stop loss, low leverage and small size. Do your own research.
#SOL #solana #CrytpoAnalysis #TradingSetup