SOLANA Retest before bounceIt retested the previous resistance and took support from there
Long only above 173.5 on daily closing for the said target. Do your own analysis and know the risk involved before execution
SOLWETH_2AF65C.USD trade ideas
💡Don't miss the great buy opportunity in SOLUSDT @solanaTrading suggestion:
". There is a possibility of temporary retracement to the suggested support line (150.48).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. SOLUSDT is in a range bound, and the beginning of an uptrend is expected.
. The price is above the 21-Day WEMA, which acts as a dynamic support.
. The RSI is at 49.
Take Profits:
TP1= @ 164.54
TP2= @ 175.26
TP3= @ 183.68
TP4= @ 195.52
TP5= @ 213.87
SL= Break below S2
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SOLANA is back on track!I've used Modified schiff pitchfork with the markings ( ABC ) seen on the chart and since the outside trendlines mark potential support and resistance, solana managed to take support at pitchfork.
Pitchforks are used as part of a popular analysis and trading technique. In essence, there are 3 key elements to it: 2 outside parallel lines that provide support and resistance and a median line in between them. To use a pitchfork correctly, identify 3 points that are consecutive highs and lows, where the first point represents the start of a trend. The median line connects the first point to the midpoint of the other 2. Additional lines can be added at a set number of standard deviations from the median, forming parallel trend channels.
Pitchforks can be used to identify buying and selling opportunities at those lines (for trading bounces or breaks), depending on the specific rules of entry and exit a trader may have. Conservative traders will look for additional confirmation. Apart from Andrew's Pitchfork there are variations like the Schiff Pitchfork, the Modified Schiff pitchfork and the Inside Pitchfork. TradingView has smart drawing tools for all of these techniques and there is a popular chat where users share pitchfork-based ideas.
💡 Don't miss the great buy opportunity in SOLUSDTTrading suggestion:
. There is a possibility of temporary retracement to suggested support line (8.18). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. SOLUSDT is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 50.
Take Profits:
TP1= @ 9.40
TP2= @ 10.00
TP3= @ 10.50
TP4= @ 11.38
TP5= @ 12.28
TP6= @ 13.50
TP7= @ 15.00
SL= Break below S2
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . . Drop some feedback below in the comment!
❤️ Your Support is very much 🙏 appreciated! ❤️
💎 Want us to help you become a better Forex trader ?
Now, It's your turn !
Be sure to leave a comment let us know how do you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️
