My Trading Plan for Solana
If you joined STEPN, I guess for you this coin is very important. So, let’s look at the daily chart and try to understand how the market is going to move further within the next weeks.
1. The market is in the bearish trend. We can say it using 200SMA. Also, if we combine the major swing highs, we can draw a downtrend line. The previous bearish structure confirms it.
2. The price has been moving sideways around MAs and $100 level. We have a consolidation which will be able to give us a new movement to the nearest support and resistance levels and lines.
3. We can draw an uptrend line using the lows from the weekly timeframe. So, we should consider this line as a strong support.
4. MACD and RSI don’t gives us strong bearish or bullish signals. It is fine for the consolidation period.
5. We have to watch for the price action at the weekly uptrend and daily downtrend lines. Any breakout will be able to confirm the further market movement.
Bullish Market
We need to wait for a reversal from the weekly uptrend line or a support above $75. It will give us a new bullish structure with the higher highs and lows. A breakout above the daily uptrend line will confirm the trend reversal. A breakout above 200SMA will show the strength of the buyers. The main target for the buyers will be the ATH.
Bearish Market
A breakout below the weekly uptrend line and $75 support will confirm the continuation of the bearish trend. The next target for the bears will be $50.
If this support can stop and reverse the bearish trend, we will be able to get interesting trade opportunities for buying. If the price breaks $50, the possible bottom will be around $20.
How to trade?
I would search for reversal and false-breakout signals from the weekly uptrend line and $75 and $50 support levels.
I would use a breakout above the daily downtrend line just to add more long positions.
As for possible short trades in the bearish market, I would wait for reversals and false breakouts from the daily downtrend line.
And what do you think about Solana and how it is going to move further? Share your thoughts in comments.
1. The market is in the bearish trend. We can say it using 200SMA. Also, if we combine the major swing highs, we can draw a downtrend line. The previous bearish structure confirms it.
2. The price has been moving sideways around MAs and $100 level. We have a consolidation which will be able to give us a new movement to the nearest support and resistance levels and lines.
3. We can draw an uptrend line using the lows from the weekly timeframe. So, we should consider this line as a strong support.
4. MACD and RSI don’t gives us strong bearish or bullish signals. It is fine for the consolidation period.
5. We have to watch for the price action at the weekly uptrend and daily downtrend lines. Any breakout will be able to confirm the further market movement.
Bullish Market
We need to wait for a reversal from the weekly uptrend line or a support above $75. It will give us a new bullish structure with the higher highs and lows. A breakout above the daily uptrend line will confirm the trend reversal. A breakout above 200SMA will show the strength of the buyers. The main target for the buyers will be the ATH.
Bearish Market
A breakout below the weekly uptrend line and $75 support will confirm the continuation of the bearish trend. The next target for the bears will be $50.
If this support can stop and reverse the bearish trend, we will be able to get interesting trade opportunities for buying. If the price breaks $50, the possible bottom will be around $20.
How to trade?
I would search for reversal and false-breakout signals from the weekly uptrend line and $75 and $50 support levels.
I would use a breakout above the daily downtrend line just to add more long positions.
As for possible short trades in the bearish market, I would wait for reversals and false breakouts from the daily downtrend line.
And what do you think about Solana and how it is going to move further? Share your thoughts in comments.
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