US Bank Holiday - expecting a quiet day. Plans remain the same nonetheless. Trading in a local range - waiting for one side to be tagged before positioning.
Nothing too high probability for me today until we rinse either side. We're in a range with contracting price action - creating lower highs and higher lows.
I have some theories as to what price will do, but instead of posting several elaborate plans, will just wait until one of my key levels is tagged.
If we tag 102.6k prior to taking out Monday's high, I'd be interested in a sweep and reclaim to position long. If instead we go higher first (above 109) then I have other plans. FOMC later.
We tagged 50% of the down closed candle that took out the short term lows within the range. Great place to hold and to form long ideas from. RSI is also in a really good spot on the daily chart.
I just don't know how stops at 2.3k range low get away with it given the weekly wick structure. Surely they get a rinse one way or another.
Near term though, supports my idea of higher early week.
Likely that we see a push higher into 0.7 or so into local supply after taking the liquidity last week.
Reclaim 0.75 for expansion.
Or
We have #OneMoreLow on our hands, with either:
A) Higher Low to complete a triple tap type setup, OR B) A lower low into 0.47-0.50
If we get B, would be max opportunity and R:R territory imo. Heavily depends on what we get with BTC of course. I think at least some type of low, whether A or B is likely after we tag local supply. Easy invalidation > 0.75 for the moon mission.
Base case is 0.7-0.72 -> Another Low (A or B) then higher
Interesting chart setup for this week with clear draws to the upside and downside. Less of a directional bias out of the gate so will let Monday develop before engaging. Tuesday and Wednesday are our red folder news days with FOMC on the Wednesday.
I think we could see an early week push given the position of the Daily RSI coming off the 50% level as well as last week's key level at 103k holding.
Have a feeling we will spend more time and/or see further downside before this overall consolidation resolves, so I am interested in shorts on an early upside push. Just keep in mind the HTF trend is still bullish so shorts are generally risky. No blind trades though. We want to see a HTF levels of interest tagged followed by a LTF trigger.
Levels of Interest:
For Shorts: - 110k Equal Highs - 108k BPR
For Longs: - 102.6k Weekly Draw - 100.3k Range Low
Should have a more concrete / directional plan tomorrow.
You don’t always need to have directional risk in the markets.
When some of my downside targets hit today, many asked “ready to long?”
Sometimes the best position is no position. I think it’s either fomo or ego that makes this a difficult stance for people to take.
Usually, when price hits an upside or downside extreme - it’s better to wait, have no directional risk, then re-engage the market only when a quality setup is presented and a firm bias is established - approaching the market with patience, and more importantly - from a place of emotional balance.
Your worst trades will come from a place of emotional imbalance.
Has been one of the stronger DeFi coins on this recent run up.
Market structure is bullish. We're seeing strong reactions into demand zones. All the good stuff.
However, when I see price unable to break a diagonal resistance and there is a relentless grind, I expect a pull back to materialise at some stage.
Not making a prediction per se, just noting that such grinds against diagonal resistance can often lead to a larger pull back. In such event, I would see this as a great opportunity to position.
Looking at the 210 - 237 level. Would then target 400 and 600.
A situation where you simply set alarms and chill.
Been a minute since I've covered SOL as I'm pretty much focusing on BTC and ETH at the moment.
However, this is what jumps out at me on the HTF straight away.
We have a monthly draw and equal lows to the downside, coming off the back of a monthly candle that has a relatively large upside wick.
Not overly interested in looking for the swing short in the current environment, but should BTC do something that would suggest we aren't ready for a sustained ATH break, this might be a setup to look at. Short idea would invalidated above $180.
Would be v interested in longs into the 120-140 region if this does pan out.