Bitcoin made a necessary move to the down side this morning and it dragged all ALTs down with it. Sol landed on a strategic area which is the 50 EMA on the 4H chart. This same region is also the 200EMA on the 1H chart. It is also the 0.618 fib channel. The chart structure looks like it is defining the edges of a bull flag. These key piece suggest we will hold the price in this range for now unless Bitcoin dips more. It is suggested to long the edges with a tight stop loss. The main target remains the same at $38.
Bearish:
We could drop further more in case bitcoin makes down moves again o fill out the CME gap and to bring the RSI from the overbought region, then a good target to long Sol will be the 50EMA on the daily which sits at $19.5 at the time of writing this. We could also get a wick at the price of $18.87 where the .5 fib line resides.
Not a financial advice and happy trading.
Bearish:
We could drop further more in case bitcoin makes down moves again o fill out the CME gap and to bring the RSI from the overbought region, then a good target to long Sol will be the 50EMA on the daily which sits at $19.5 at the time of writing this. We could also get a wick at the price of $18.87 where the .5 fib line resides.
Not a financial advice and happy trading.