Trade Setup for $SOL on 15-Minute Chart
Observations
1. Current Price: 227.17
2. Key Levels:
Resistance: 228.29 (24h high and upper Bollinger Band).
Support: 223.33 (recent mid-level) and 216.95 (recent swing low).
3. Indicators:
Bollinger Bands: Price is approaching the upper band, indicating potential resistance at 229.00.
MACD: Bullish momentum is building, but histogram bars show weakening upside.
Stochastic RSI: Overbought at 80+, signaling a possible pullback.
Trade Scenarios
1. Short Trade Setup (Rejection at Resistance)
Entry: Near 228.00–228.30 (if price fails to break resistance).
Stop-Loss (SL): 229.50 (above upper resistance).
Take-Profit (TP):
TP1: 223.50 (midline support).
TP2: 220.00 (next key support).
2. Long Trade Setup (Breakout Above Resistance)
Entry: On a confirmed breakout and close above 229.00 with strong volume.
Stop-Loss (SL): 226.50 (below recent price level).
Take-Profit (TP):
TP1: 231.00 (psychological level).
TP2: 233.50 (next resistance zone).
Recommendation
Short Bias: If price rejects at 228.00–228.30, enter a short trade.
Long Bias: Wait for a confirmed breakout above 229.00 before entering.
Focus on risk-to-reward of 1:2, and monitor Stochastic RSI and MACD for further momentum confirmation.
