Bitcoin Bullish = Solana Bullish? Cancel The Short?

Oct 29

Compare Solana's trading volume from September through November 2023, vs August through October 2024.

➖ Between September-November 2023, we have rising volume and this precedes a strong bullish wave.

➖ Between August and October 2024, we have decreasing volume and this is a bearish development and can precede bearish impulse.

Should I cancel my short?

The way we trade, is based on numbers. We develop a set of numbers based on support and resistance levels that we extract using a chart.

We determine the main market direction by looking at the current trend based on price action. If the market is moving down, the main direction is bearish and we use this to define the higher probability scenario.

When the market is bearish, the logical position to take is a SHORT. If the chart changes, we can close this short, take the loss and move on. If market conditions stay the same, we simply wait.

Solana (SOLUSDT) continues bearish, moving below resistance and aiming lower toward support.

Market conditions for Solana have not changed.

Leveraged trading is for experts only.
This is not financial advice.

Thank your for reading.

Namaste.