SOL / BitcoinLong
Solana (SOLBTC) Consolidation Pattern, Tough Spot
I need your help. This is an interesting chart... What do we have here?
Good evening my friend, how are you doing?
Thank you for coming back, thank you for taking the time to read.
I am looking at this chart and there are so many factors to consider. The signals are mixed.
Four consecutive weeks red. SOLBTC.
Do we take this as a negative or positive?
Not once since March 2023 we have more than four weeks closing red. This can mean that this pair is soon to turn green.
Once in 2023 and then again in 2022 in the bear market. These are the only instances in which SOLBTC closed more than four weeks read. In all of 2024, the maximum is four weeks.
The action is happening right above EMA55. We have a super long-term consolidation pattern. The entire market is advancing. It would be safe to assume that this pair will also advance, but the signals are mixed.
It looks like mid 2021. Back then, the consolidation pattern was small in duration, this time, it is long; alternation.
I made up my mind. I think it is going to go bullish even if it take a few weeks or days. There is room for some swings but this wouldn't change the long-term. Long-term it is going up. We can consider a new bullish impulse, 1-2-3-4-5 or the extension of a previous one.
The bullish action ended in December 2023 which is almost a year ago, so far we have seen consolidation only, sideways, the longer the consolidation phase the stronger the move that follows.
The initial move is a bullish wave coming out of the 2022 bear-market bottom and 2023 higher lows. The consolidation is for this move. A bullish move has been consolidated long-term before additional growth.
Bottom line is I am going bullish on this pair so I am making all these things up. Hopefully, my thinking is supported by the chart.
I am writing for your entertainment.
It is my pleasure to write for you today.
Namaste.
Good evening my friend, how are you doing?
Thank you for coming back, thank you for taking the time to read.
I am looking at this chart and there are so many factors to consider. The signals are mixed.
Four consecutive weeks red. SOLBTC.
Do we take this as a negative or positive?
Not once since March 2023 we have more than four weeks closing red. This can mean that this pair is soon to turn green.
Once in 2023 and then again in 2022 in the bear market. These are the only instances in which SOLBTC closed more than four weeks read. In all of 2024, the maximum is four weeks.
The action is happening right above EMA55. We have a super long-term consolidation pattern. The entire market is advancing. It would be safe to assume that this pair will also advance, but the signals are mixed.
It looks like mid 2021. Back then, the consolidation pattern was small in duration, this time, it is long; alternation.
I made up my mind. I think it is going to go bullish even if it take a few weeks or days. There is room for some swings but this wouldn't change the long-term. Long-term it is going up. We can consider a new bullish impulse, 1-2-3-4-5 or the extension of a previous one.
The bullish action ended in December 2023 which is almost a year ago, so far we have seen consolidation only, sideways, the longer the consolidation phase the stronger the move that follows.
The initial move is a bullish wave coming out of the 2022 bear-market bottom and 2023 higher lows. The consolidation is for this move. A bullish move has been consolidated long-term before additional growth.
Bottom line is I am going bullish on this pair so I am making all these things up. Hopefully, my thinking is supported by the chart.
I am writing for your entertainment.
It is my pleasure to write for you today.
Namaste.
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🏆 Results: t.me/alansantana1111/5935
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🚨 Free PREMIUM Trade-Numbers
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