Solana Double-Top & Retest Of Support —Trading Strategy 101

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This is super important if you are one of those highly profitable traders.
If you aren't, this is super important if you want to become one.

What we have here is a short-term double-top.
We are looking at Solana as in SOLUSDT. Timing is key.

Notice the peak price hit November 2024. This is clearly marked on the chart.

Now, notice the higher high hit just weeks ago, 19-January 2025. This is a double-top.

Notice the grey line here denoting resistance and the November 2024 high.
SOLUSDT challenged this resistance five times and every time was rejected. The strongest instance happened 19-January. A very strong rejection. This rejection is marked by really high bearish volume.

What does this means?
What to make of this information?

This means that resistance is very strong at this level and it has been confirmed.

This confirmation of resistance has short-term bearish tendencies.

When such strong resistance shows up in a pair, the market tends to move lower, looking for strength. It moves lower and produces a double-job. It removes weak hands and over-leveraged positions, it also opens the doors for new buyers to show up.

The strong resistance confirmed means that sellers were present while buyers were gone. If buyers are gone, the market needs lower prices, this will surely entice new traders to enter Solana for the next wave.

The fact is that we are bullish long-term, we are in bull-market year but short-term anything goes.

If we are set to continue consolidating, sideways until late February, it would only be normal to see some bearish action in the coming days and weeks, because the market will be ultra-bullish after February, in March 2025 and beyond.

The high bearish volume on this chart reveals the market tendency. The chart is sideways but the participants tendency is to sell.

When the buy (green) volume bar/lines are bigger than the sell (red), we know that buyers are present. When buyers are present and loading, that's when the next advance will take place.

How are you doing my friend?

I hope you find this information useful and it helps you to improve your entry timing and increase your trading success.

You are appreciated for your continued support.

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There is always more.

With peace of mind, tranquility, success, patience and love.

Namaste.

1 Şub

İşlem aktif

Solana's price is about 10% lower compared to yesterday. This confirms a failed attempt to challenge resistance.
Since the reversal is happening before resistance was reached, this means the bulls are weak.
With the bulls being weak, it means we have to see first a test of support.
As soon as support is tested, we will be happy to open LONG once more.

Patience is key.
We wait for the drop because we are in the bullish zone.
Never SHORT when the market is bullish.
Instead of SHORTing, we wait for support to go LONG again.
This scenario can be approached in different ways of course, but we trade with the trend.
This reduces risk and increases the changes for success.

After the incoming low. We will have long-term growth.

Thanks a lot for your continued support.

Namaste.

3 Şub

İşlem kapandı: hedefe ulaştı

Solana is now trading within a strong support range. This can be a buy-entry range.

See it on the chart.