A 80% correction for SOLANA to $30 ??

On the above 3 day chart price action has jumped 2200% from the lows of January 2023. A number of reasons now exist to expect a significant drawdown for price action. They include:

1) Price action and RSI support failures.

2) Double top in price action.

3) Price action rejects support on rising channel.

4) Price action confirms resistance of the 3-day / 50.sma (blue line). Blue arrows.

5) The support and resistance area at $30 is also the Fibonacci 0.382, which price action corrected to previously.

6) I just know this idea is not going to popular so please have a look at the previous bearish forecast for SOLANA and even better read the comments on there before becoming a cliche.

Is it possible price action continue going up? Sure.
Is it probable? No and no.

Ww

Previous idea to $5

交易進行

註釋

Receiving a massive amount of pushback from this idea.

“You’re wrong!”
“Go to h+§$ with your BS”

There is the impression the masses are all in.

As with the Litecoin idea, there is evident broken market structure. That is true with the Solana idea. Broken market structure. As basic rule in trading, support and resistance must be correctly identified. So many folks fall into the trap of confirmation bias. This was evident from the LTC idea. Ultimately this is a fantastic swing trade opportunity for Solana.

Some other charts that were not shared above that might help change your mind.

6 day, strong bearish divergence.

3 week Stochastic RSI crosses down 80
Is this time really different?

Cup and Handle?

交易進行

Short position opened. Wish me luck bulls!

註釋

PS: Stop loss @ 160 for anyone tagging along.

交易結束：達到停損點

Stop triggered.
Let's keep an eye on it regardless, market structure remains broken.

交易進行

The idea was published at the double top then rallied. Now price action has printed a triple top with a lower high in RSI. $30 target remains.

4 day

註釋

Watch price action on the 5 day chart. Should a candle body close inside the channel this Friday... then except a 2 year downtrend.

交易進行

Nothing has changed on the original idea, price action is unable to recover support.

交易進行

Broken market structure is fully confirmed now. Multiple candles have now confirmed past support as resistance. That means price action corrects to the next support level to gather more fools and their money.