davidperkins1

davidperkins1 Updated 

A crypto that I've wanted to add to my positions is Solana (SOL). Using the power and history of price movement within channels, I set my objective and stuck with it. It paid off this morning. The object was to wait to see if price would come back down to the bottom channel line and to make my entry there...which I did this morning under $90. I copied the Up...

davidperkins1

Back to the Daily Chart... Price fell back down early this morning to pierce the New Pivot Support Line in Orange only to find buyers to push price back above after setting a new near-term low at 1.475T. Price also tried to get back over the lower red dashed lower channel line only to find sellers to push it back below. The main body of the candles for the last...

davidperkins1

Price is falling along with RSI and the new channel appears to be working as resistance above and to the right. Indicates more downside to come until the right/above channel line is breached. Worst case is price will move down and hit the left/bottom channel line to end this corrective wave.

davidperkins1

On the 15-minute chart i make out a small 1 Dn, then 2 Up, then 3 Dn and now in very typical 4 Up extending out sidewards. If that pattern is correct, wave 5 Dn would come next, which could end 1 Down of C Down to finish this corrective pattern.

davidperkins1

The answer is looking more and more like NO. On the 1 Hour chart, you can make out what could be a small 1 Dn, 2 Up and start of 3 Dn, which could be part of the start of wave 1 Dn where there would be 5 wave to complete c Dn for either A Dn or C dn. A worst-case scenario would be that the lower blue channel line will be broken, and price will fall to the lower...

davidperkins1

Here's the 1 Hour chart with the same lines as the 1 Day chart. This provides a more close-in view that gives a little more detail than the 1 Day chart..like an early indicator. Price moved back over the red lower dotted and the 20ma line only to run into the 50ma which has pushed price back down below the red lower dotted line and right into the 20ma. If price...

davidperkins1

I read a really good article today that basically said we're facing short term head winds but over the longer term, we have even stronger tail winds...I couldn't agree more! But for the past 18 hours or so...there haven't been any winds at all...so not much to update you on...just treading water and waiting. Does the FED meet next week??? So with a little more...

davidperkins1

We're watching price behavior at this bottom dashed channel line...where price pierced above but has fallen back under. RSI is still weak only up from just over 20 to now just over 22. A nice reprieve from the slaughter, but until we get confirmation to the upside and get back into the Up channel, there could be more downside to come. I've added a new Major...

davidperkins1

Price just hit the New Support Line and has pulled back slightly. RSI is just getting pounded...need to see some buyers step into this bloodbath. Still room to fall more to next orange support line. Seems to be getting overdone...I'm adding to select positions at these levels..like ADA to me is a buy under $1.00! Need to see some strength soon and get back into...

davidperkins1

We just got the hit on the lower red dashed up channel line that we were expecting, which if you believe in channels like I do, this the first indication that a bottom may be or soon be in. But it's only one indicator. There are still many negative signs that more lows could be in store, such as: Price is still below all MAs. The 20ma had crossed below the 200ma...

davidperkins1

And there it is! Have to wait and see if it holds or falls through.

davidperkins1

Hit 2nd Orange Resistance line, now a small bounce. Still expect push down to bottom dashed channel line.

davidperkins1

Price could fall to the lower dashed red channel line and possibly reverse and continue in the up channel. If it fails to hold, price could fall down to last low pivot point.