SOLBTC trade ideas
SOL - Wave 2 correction continuingSo I am primarily charting vs BTC for now as BTC is on the move, so the idea is to decide whether to be in an alt or BTC for maximum gains.
In the case of Solana, which is one of my favorite platforms to use, I think the BTC correction still has a ways to go. We got a mega pump, and so it makes sense that this correction would take time to digest that move up. Currently, it looks like a standard ABC correction happening. C wave usually a 1-5 wave move and I am targeting the 0.618 level as the usual area of interest for a wave 2. That 0.618 level also happens to line up well as a 1:1 extensions from A-C.
Keep in mind, this doesn't necessarily mean the USD pair is going to collapse and also that wave 2s can retrace much deeper than the 0.618.
$SOL will go to 4 figures and will replicate 17/18' ETHSolana has had 2 major runs so far this bull season and I'm expecting the last one in Q4 and Q1 of 2022. I think BTC will go to 144K at it's peak and then probably crash 50-60% (if we repeat the cycle fractals) then it will trigger final alt-season and it will run from 50-60K to 100K so SOLBTC at that point should be anywhere between 0.001 - 0.0015.
Sol currently consolidating and it will probably continue to until the end of November/ beginning of December.
Let me know your thoughts in the comments.
SOLBTC is going to test the daily resistance 🦐SOLBTC is going to test the daily resistance 🦐
If the price is going to have a breakout, According to Plancton's strategy (check our Academy ), we can set a nice order
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Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
All the way up?Should Solana continue to maintain the upward trend and be able to hold it, I expect further price increases. About a few weeks ago, there was also a small correction of about 14%. After that, Solana exploded to the upside.
The next few days will definitely be exciting.
Leave a like if you like my analysis :)
Solana hurdles to overcomeIf I'm being bullish - which in the long term I am for Solana - I could see this as a buying opportunity here.
What needs to happen in my opinion:
- 21MA (blue) needs to cross over 50MA
- Price needs to break golden pocket
- Price needs to break strong support zone
What could signal a turn for worse:
- Price currently below golden pocket & strong support zone
- 50MA could cross below 21MA
- MACD showing bearish divergence on its lagging line
What are you betting on?
Crypto Catastrophe Planning (Sol, Luna and ADA/Cardano)I have spent some time looking at the dollar (DXY, see the linked Idea please) and it has a lot of upside potential based on some simple TA on the monthly time frame. Based on that potential prolonged dollar strength I think some crypto Crypto Catastrophe Planning is in order.
Last bear market one of my favorite analysts, Francis Hunte, called his XRPBTC short the gift that keeps on giving due to its continued downtrend trend on the weekly. Of course you don't get the same gains perhaps as being in and out of bounces on XRPUSD but you save yourself a lot of mental energy from the chop up and down that we see below. XRPUSD rallied less than BTCUSD, which means a red day/weeks for XRPBTC, and it dumped more than BTCUSD, which means another red day or week for XRPBTC. An entry within the blue triangle of XRPBTC looking for a break down would have been very profitable for the patient.
If we take the same idea for our catastrophe planning we would be looking for structures that we can play technically for entries that could pay out for the next six to nine months, or even longer. Cardano is in a rising wedge with three touches on the support and 2 touches on the top. That gives us a structure to play very technically. SolBTC has popped out of a rising wedge. That is very much blow off top behavior and often we see price action find tenuous support on previous resistance before falling through the wedge. Then price action has a chance to turn previous wedge support into resistance.
I have taken a short on ADAUSD due to the weakness I see on the daily chart for both ADAUSD and ADABTC with a stop loss taken at the high. I have two flat topped red HA candles and I will be looking for the wedge break down. If I see the ADABTC wedge breaking down I will put on a ADABTC short
SOLUSD is likewise popping out of its rising wedge but hasn't shown the weakens I want for a short just yet. There is a pregnant HA candle so I could go in with a sell stop but Imma hold off SolUSD and SolBTC shorts for now
LunaUSD looks very primed for a move to the downside. It is in a rising wedge and has bearish divergence on the 8 hour time frame. Once we see some downward movement we can evaluate if we think it will be prolonged or perhaps continue to chop. I am holding off on shorting for now.
SOL/USDT target $150 Chart very similar to Axies. Major hedge funds involved in this movement. It never dips below moving averages. Stay long as long as it keeps riding them up. Will likely extend far beyond Fibonacci levels of $110. Price target of $150 because these movements are always dramatic as they were with Axie which has yet to break support and it's been months. This will follow the same and chart looks very similar to Axies.
Not financial advice
