SOLUSD potential opportunity
SOL in bullish trend , making HH's and HL's (higher highs and higher lows)
From June 28th to July 7th, SOL has been creating a consolidation rectangle structure which typically can play as a continuation pattern
On July 7th SOL had a strong bullish move above this structure
SOL also broke above the bearish TL ( trend line ) from June 9th
Price is also retesting 61.8 fib region
Price is now retesting previous rectangle consolidation, along with POI (point of interest) region on VP ( volume profile )
There is a good amount of confluence to take an entry where price is now, although risker, any entry here should only be 25% of potential risk, although I will not take this current entry as a break above $35 region, above current 4hr candles, will make for a much stronger clear confirmation for next potential bullish move.
As price typically moves the same size as the leg that it come from, I am looking for a AB to CD continuation with main targets at 40 .60 region
Depending on how price breaks above $35 region, along with RSI TL confirmation, volume , market structure, LTF confirmation etc, can make for a good entry for next potential bullish move to at least $38 region for 1st target, which is our first area of traffic where we will look for , which will make for a good 2:1 RR, above this region will make for a high probability to complete the AB to CD wave
My only concern is 4hr bullish TL has been breached on the RSI , moving back above will be good confluence
A break and close below current LTF support of $34 region, I will look to adjust my perspective on this set up
TP1: $38 (2:1)
TP2: $40.6 (4:1)(main target)
TP3: Open
TP3 will remain open if closing above $40 region, as above $44 region will make for a strong daily Double Bottom, with measuring the size of the double bottom, I foresee long term targets for SOL at $64 region
From June 28th to July 7th, SOL has been creating a consolidation rectangle structure which typically can play as a continuation pattern
On July 7th SOL had a strong bullish move above this structure
SOL also broke above the bearish TL ( trend line ) from June 9th
Price is also retesting 61.8 fib region
Price is now retesting previous rectangle consolidation, along with POI (point of interest) region on VP ( volume profile )
There is a good amount of confluence to take an entry where price is now, although risker, any entry here should only be 25% of potential risk, although I will not take this current entry as a break above $35 region, above current 4hr candles, will make for a much stronger clear confirmation for next potential bullish move.
As price typically moves the same size as the leg that it come from, I am looking for a AB to CD continuation with main targets at 40 .60 region
Depending on how price breaks above $35 region, along with RSI TL confirmation, volume , market structure, LTF confirmation etc, can make for a good entry for next potential bullish move to at least $38 region for 1st target, which is our first area of traffic where we will look for , which will make for a good 2:1 RR, above this region will make for a high probability to complete the AB to CD wave
My only concern is 4hr bullish TL has been breached on the RSI , moving back above will be good confluence
A break and close below current LTF support of $34 region, I will look to adjust my perspective on this set up
TP1: $38 (2:1)
TP2: $40.6 (4:1)(main target)
TP3: Open
TP3 will remain open if closing above $40 region, as above $44 region will make for a strong daily Double Bottom, with measuring the size of the double bottom, I foresee long term targets for SOL at $64 region
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