bullish news for SOL 👇
SOL / TetherUS BINANCE:SOLUSDT
Hello traders 🐺.
as you saw in the title , I have some bullish news for the SOL and this could be a nice trade opportunity for us so make sure to read this idea until the end , now it's time to look at the chart :
in this specific idea , I just wanna to quick look at the possible trades and the best entry points so this could be a short but very helpful idea :
as usual I like to use the daily chart , in the picture above we can see that currently SOL is testing the 0.786 Fibonacci level which is a very strong support level but the interesting fact is that the SOL created a falling wedge pattern in this strong area and also in the RSI value , we have a clear bullish divergence , so we can say that this is bullish for the SOL , but if you looking for the trades , I prefer to say wait and just trade based on the patterns but in the other side we can see a formation of a little W pattern , so you can trade it based on your strategy !
But be carful about the 0.618 level because this is a strong resistance area which is now is the W pattern neck line and it's also in alignment with the falling wedge resistance line , but if price succeed to break above the falling wedge pattern , the next important resistance is the red line which is the major resistance level , also the falling wedge target is the top of the wedge and in that area , price will face to the 0.5 Fibonacci level .
Thank you guys for reading my idea , also don't forget to like my ideas and follow me for more support🙏.
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source https://www.smartmoneymanagement.info/2022/03/bullish-news-for-sol.html
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