Based on the 4-hour SOL/USDT chart, here is the analysis:
1. Price Pattern:
Descending Channel: The price is seen moving in a descending channel pattern, indicating overall bearish pressure.
The price is currently at the bottom of the channel, potentially bouncing up if there is strong support in this area.
2. Fibonacci Retracement:
Several Fibonacci retracement levels have been marked, with the following important levels:
0.618 (219.15): Key resistance level. If the price goes back up, this will be the first target before continuing the bullish trend.
0.5 (223.73): Minor resistance area.
0 (200.76): Current significant support level. The price is likely to test this level.
3. Moving Averages (MA):
Yellow MA (possibly short MA): The price is below the yellow MA, indicating a short-term bearish trend.
White MA (likely long MA): Price is also below the white MA, confirming the medium-term bearish trend.
4. Support and Resistance:
Strong Support:
200.76 (based on Fibonacci and psychological levels).
188.35 (Fibonacci level 0.27, becomes the next strong support if price breaks lower).
Key Resistance:
219.15 (0.618) and 223.73 (0.5).
Higher resistance around 231.12 or the upper line area of the descending channel.
5. Potential Scenarios:
Bullish: If price bounces off the 200.76 support, it will likely head towards the 219.15 resistance or higher.
Bearish: If price breaks the 200.76 support, the next target is around 188.35.
Trading Strategy:
Buy Entry:
If the price bounces off the support of 200.76 with confirmation of a bullish candle.
Take profit target: 219.15 or 223.73.
Sell Entry:
If the price breaks through 200.76, with a target of 188.35.
Stop Loss:
For buy positions: below 200.76.
For sell positions: above 223.73.