Yesterday we mentioned that after the price rebounds, it will continue to drop to find stronger support levels. After a weak hourly rebound during the day yesterday, there was an hourly downtrend following Bitcoin in the early hours of today.
The price has dropped to the upper range of 155-185 we mentioned yesterday (Binance spot low 187), forming a rebound.
The reason there is support here is that the highs from May and July are near this position, forming a neckline support.
In the next few days, there will be a rebound trend, after which there will be a second drop on the daily level for a retest, followed by consolidation to create a relay platform, with further observation going forward.
The daily MA30 line has clearly turned downward, so the highest point of the short-term price rebound will just touch this line. There is no direct V-shaped rebound that doesn't look back; keep a good rhythm.
Daily level resistance at 233.6-245-270-283-300, support at 184.5-169.3-158.8-152.3.
From the hourly perspective, currently, we are seeing a 30-minute pullback without divergence patterns in the 10-minute pullback.
There will continue to be rebounds in the short term; you can short at 198.6 and 202.6, and long at 185, valid for intra-day.
From the SOL liquidation heat map view
The price is rising, with some large short positions waiting for liquidation in the 198-203 area, and a large number of large short positions waiting for liquidation in the 211-234 area.
The price is dropping, with a small number of long positions waiting for liquidation near 186.
