$SOL UPDATE! 🚨 We're about to dip BIG TIME! Here's How: ✅ Since Solana touched $210 it's been consolidating so far with minor pull backs ✅ After $BTC halving, $SOL followed the Bitcoin retracement as well ✅ It also showed 'Fake Out' signs recently and I was trying to keep you all informed about the 'Bull Trap'(detailed analysis in previous posts) ✅ Now it finally seems to be projected towards the green zone mentioned in picture number 1 ✅ Solana has clearly formed a Bearish flag pattern right in the supply zone, all that's awaited is a tiny push towards the break.
Let's keep our eyes open & learn from the situation!
Follow now if you want to ENJOY the knowledge dip as well! 😉
Note: Picture no.2 is just for previous reference and market understanding.
Here's Why Solana Could Fall One Last Time Before #Altseason!
NOTE: In a recently published post I warned about the "Trap for Solana Buyers", but it feels like that post needs some more explanation so here's an improved version.
Let's analyze the situation first!
✅ Bitcoin ATH & Halving: $BTC just topped before halving and since then it's consolidating, hence the rest of the market follows it as well for some time.
✅ Vertical Growth: $SOL grew vertically in the past few months with almost no consolidation.
⚠️WARNING⚠️ $SOL If both of these scenarios don't appear soon, then I'm wrong.
What scenarios?
First of all one must read the 'Solana Trap' bearish approach posts I've shared recently, to grasp good understanding of the situation.
Back To Scenarios! In the light of previous posts:
✅ Solana is bearish ✅ Weak buying power ✅ The price has broken the trend line already ✅ Current(Red) level is expected to break until green zone is close(again, read previous post for reference)
Now $SOL price is near the retest level.
1- Price could directly get rejected and move downwards.
Or
2- It could rise until 'Daily Close' and follow with tomorrow's daily candle(in the beginning),
'FAKE A BREAK' and then go down, hence trapping all the buyers.
If both of these scenarios don't appear soon(around 72hrs), then I'm wrong.
Let's see 😉
Following now could be helpful for the future, right?
I've shared the risk details in the previous post. And in that perspective the price is simply reacting to trend line in bearish mode. It seems as if the bullish momentum is just to trap buyers.
Strong bullish sign can be seen in pic no.1 but as you can see in pic no.2 it was a very small move before the price got suppressed.
You can read previous post on profile for in-depth understanding of this approach.
Following now could help you understand the reality in future as well.
Watch out! If you're planning to buy $SOL at this(Red) level, because it's likely to be broken this time. Here's why:
⚠️ If you use 'Daily Candlestick' timeframe to make your decision then think twice! 🚨
🚫 $SOL recently broke this(Red) resistance and price revisited the level a few days ago.
🚫 It retested broken resistance(became support) which resulted in a pull back.
🚫 Now the price is back revisiting the same(Red) level and Daily chart seems to show a 'W' pattern but how many buyers are left to buy more?
Concerning, right?
✅ Buy orders at the(Red) level got absorbed already which caused the pull back.
But if the previous retest didn't push the price strong enough, then what does it mean?
✅ It means either not enough buyers entered the market at the(Red) level or the sellers were too strong.
✅ Hmm, 🤔 If the buyers weren't so sure to buy at the(Red) level but still entered and the price is back at the same level, so how do they feel now?
Panic? Maybe.
✅ Ok, so sellers are strong, not much buy order are left, and buyers are panicking too.
Convinced?
There's more: Weekly chart tells a different story than daily chart's theme as Daily buyers seem to be wiped already.
Overall market is down since BTC ATH(All Time High) and halving 2024.
Annnnd
Russia just banned crypto. Whoops!
---------------------------------------------- What to expect with this approach?
🚫 Solana is showing bullish signs but not strength, so possibly it's a fake move before the break.
✅ First, false reaction could lead to a break 👇 then buyer panic would strengthen sellers even more 👇 resulting in huge(just large actually) candles 👇 which requires correction/consolidation 👇 could signal buying opportunities 👇 may interest more buyers 👇 Depending on the strength of interest, price may react around green level.
Here's why $BTC is falling for real this time!! Few days ago I posted some pictures analysing the market condition and I stated that the previous dip was fake, which is common to wipe out the stop losses of buyers and then market came back near the previous usual range. However that's not normal as well, because now sell stops were wiped and now market seems to be officially in Bear mode. 🐻🐻
Remember! It's a lose-lose market. Noone's here to help you make money, or you trade in Real World to stay away(as much as possible) from manipulators.
Is it a fake $BTC Dip, watch out! Is this image saying the thing or there's something else? Yes, a purge was expected soon but did it start already without sweeping out all the money Bears have left for institutions above $72,000 level?