Hello I'm glneto and I'm a developer on Cardano blockchain.
Supports and resistances mentioned are zones.
Please always DYOR after reading my thoughts here.
Closing this $SOL position with Avg. price of 41.86 with gains ~8%. Seeing a strong resistance around the $42.1 zone right now after almost reaching our final target $42.8 ($42.78 was the highest price) and will have to be offline for a while.
Still hard to know what will happen here with $SOL - If we break through 42.8 we could see $44+ but felt better to sit out and watch for a while.
When making a trade always follow up with your stop loss to guarantee profits. Crypto has a very volatile market where things can turn around very quickly and suddenly your 2% gain can become a 2% loss.
The challenge here is to set up your stop loss trigger far from price fluctuations that does not necessarily mean a trend reversal while always having in mind that this is a common strategy, which means that subsequent stop losses can be triggered causing a heavy dip in a few minutes followed by another subsequent buy limit orders that send the price up again.
In the $SOL trade below we can see in points A and B that I could have been stopped if I had my stop loss too close from previous short term supports.
My stop in that case is set to $41.205 (the red dotted line) which I consider is inside the support zone but considerably far from the support starting line (lowest $41.352).
Of course sometimes you will see your stop loss being hit and 15 minutes after see an upward movement, it happens, but I can assure you the stop loss is your friend and will guarantee your profits most of the times while also reducing your anxiety and preventing you from looking at the chart every 30 seconds. 😂
We already hit 2 targets and bumped into the $42.1 resistance zone but I'm still confident in the $42.8 target since we are already retesting it.
Right now I have a stop loss set on $41.2 to guarantee profit (around 5% with no leverage) in case things turn sideways, but if you are a bit more aggressive you can keep the stop loss on $40.8 and aim for the big prize.
If we pass through $42.8 we could aim for the ~$44.2 and even for ~$45.4 zone
Going with a SOL long around 38.8$ with targets ~39.8$, ~40.8, ~42.8 A support is starting to form in the 38.5 zone, will set my stop loss to ~37.7 because if we go below that it's hard to tell when it will stop #SOL
Feeling like people are starting to consider 34k$ a good entry point. Crazy how less than a month ago I would consider 29,300$ too expensive. I know many people are considering opening short positions but I wouldn't consider that unless we break below 33,3k support, which seems very unlikely to me.
Overall I still feel like 36k is not the final resistance of this movement considering the slight rising support situation we are seeing.
These are just my feelings and analysis considering current market conditions so make sure to DYOR because this is NFA.