Solana | Bearish Impulse In the Making

Aug 30

Solana has been up for more than 5.5 months. That is, it hit a major multi-year high and has been consolidating for this long. But all is no good though.

➖ The consolidation has been bearish; lower highs.
➖ Trading volume reveals a bearish bias as well with the drop early August producing the highest volume since March.
➖ Today marks the sixth day of consecutive bearish action...

Something is off!

When we have continued bearish momentum building up, slowly but surely, this can end bad, when the result of the consolidation phase is expressed on the chart.

This type of market action, what we are seeing now and what we have been seeing for the last five months, will lead to one final, super strong "bearish impulse." The impulse is when the market force joins a move.

The bad thing about the impulse is not the lower low that it will produce, but the fact that it tends to surprise and it can go for weeks, several weeks, at a time.

This is a friendly reminder; find your place.

👉 You can either be out or SHORT; if you are going to hold, just be conscious that soon the market will see major red.

I am here as your shield, telling you now about future events.

The charts are our guides, financial hieroglyphs; the technological prophet.

Namaste.