Hello, friends! Yesterday, the price of SOL tried to hit the 140 USDT mark several times, but failed. This morning, it fell back to the price range of 136-137.
Resistance level analysis:
140 USDT has tried to break through many times but failed, indicating that there are a lot of sell orders in this price range.
Technical indicator review:
MACD: The current MACD indicator shows that there is a certain amount of short pressure in the market. The bar chart is in the negative range and the MACD line is also below the signal line. RSI: The RSI value is between 40-50, which is in the neutral range, indicating that the market is not obviously overbought or oversold, and the current market sentiment is relatively balanced.
Bollinger Bands: The price is between the middle and upper tracks of the Bollinger Bands, which indicates that the price is at the high point of the recent trading range, but has not yet reached an extreme overbought state.
Volume and order book:
Volume: When the price approaches 140 USDT again, it is necessary to pay attention to the volume. If the volume increases, the possibility of a breakthrough will be greater. If the volume is insufficient, the possibility of a failed breakthrough is higher.
Trading strategy
Waiting for a breakout:
If you are considering going long, it is recommended to wait for a confirmed breakout of 140 USDT with strong trading volume. Such a breakout would indicate that the market has entered a new uptrend.
Watch the support level:
If the price fails to break through 140 USDT again, keep a close eye on the support level. The current support level is around 136.540 USDT. If this support level is broken, a further downtrend may occur.
Short-term trading:
For short-term traders, consider operating within the current range (136.540 - 140 USDT), that is, buying near the support level and selling near the resistance level until the price breaks through or breaks through clearly.
Stop loss setting:
It is recommended to set a stop loss below the support level to manage risk and prevent losses from falling prices.
Conclusion
140 USDT is an important resistance level, and multiple failed attempts to break through indicate heavy selling pressure. We need to pay close attention to changes in trading volume and order books to predict the next move. Depending on whether the price can break through this resistance level or fall below the support level, adjust your trading strategy to better cope with market fluctuations.
