The chart structure for sol shows a bull flag. This bull flag Sol is forming has been taking forever to breakout. An hourly candle just closed above the 50EMA and this could send the price to $25, then to $36 range. There are many puzzle pieces that suggests sol is still bullish. The first indication of bullish momentum is the bullish HIDDEN divergence on the 4hour chart where the price is maintaining an ascending triangle structure and the RSI is making lower lows. The second indication is the RSI made new higher highs when the price reached $24.6 for the first time in this bull cycle. This RSI movement jumped higher than the previous RSI level on the 4H chart. It reflects there is at least one more wave up to the up side to a minimum price of $25.
The bearish scenario is we could dip back to $20.5 where the 21EMA in the 4H chart is at at the moment. This would be the case if bitcoin dips back below $20600 range.
Happy Trading. Patience is virtue. Not a financial advice.
The bearish scenario is we could dip back to $20.5 where the 21EMA in the 4H chart is at at the moment. This would be the case if bitcoin dips back below $20600 range.
Happy Trading. Patience is virtue. Not a financial advice.