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Weekend Update: Solana's Final Descent OutlinedIF YOU OWN, OR WANT TO OWN SOLANA, YOU WILL WANT TO READ THIS ENTIRE ARTICLE. The above chart illustrates my analysis of Solana's final descent. First, let's start with what is not my interpretation. Fact #1: We know we are in a wave 4 As a practitioner of Elliott Wave Theory there are signs that one looks for to immediately get your bearing as to where price is within a wave count. Whether the wave is impulsive or corrective, the MACD indicator provides all the clues needed to start labeling the various ups and downs of a price chart. MACD will print it's lowest (if move is down) or highest reading (if move is up) within the the heart of a 3rd wave (iii of 3) but only on the micro charts. On an hourly chart, (as above) that high or low print reading is consistent with the conclusion of wave 3. There's usually not enough bars, in contrast to a 3 minute chart, to register the minor wave iii. Therefore we know wave 3 has concluded. Since we all can count and 4 comes after 3, we know that is where we are within the wave theory analysis of this price chart. NOT FACT...My Interpretation: Wave 4 is Done Now technically I have no way to determine for a fact that wave 4 is done unless we have a breach of the wave 3 low and even then, how price is breaching the wave 3 low. Let me try to explain with an illustration the shear lunacy that a wave 4 can become. I consistently encourage my followers NOT TO TRADE A WAVE 4 due to complexity and opaque nature of trader's indecision in this area. The below chart is the SPX right before the COVID-19 Pandemic. The red labels represent how price was progressing on the daily chart and the black labels represent how price actually reconciled. After black wave (iii) we had a standard (red a,b,c) countertrend move which by all accounts was the conclusion of wave (iv). We knew this because price breached the black wave (iii) high in a 5 wave move (Labeled as Red Wave 1 on chart), followed by a 3 wave countertrend retracement (red wave 2). Things are progressing in text book fashion until price suddenly crashes and breaches red wave 2 bottom. This ceased to be impulsive and became a 3 wave move (which is countertrend) and thus reconciled lower than red wave (iv) in a devastating C wave for the final conclusion of wave (iv) in black. As an Elliotition the position stop would have been the red wave 2 bottom. So, in reality with Solana I feel like it's 2020 all over again with the SPX about to be hit with the COVID-19 pandemic. We have to search for clues as to HOW price is progressing or retracing. Case in Point: This is how I was counting Solana's daily progress as of mid April 2022. Once we had overlap with my wave 1 up I posted to my followers that only bullish count left would be a leading diagonal which is a highly unreliable pattern. Subsequently it was not a leading diagonal and price has fallen precipitously since then. As of right now, I have an ABC in place to complete wave 4 and no current evidence that price is about to rally in a C wave higher to complete an expanded wave 4. I originally thought that was how this wave 4 would play out. However, after taking the .786 Fibonacci retracement support area on May 26th, I choose to abandon that thesis and quickly informed my followers. As I have written about many times, I prefer to keep my chart labels simple until the simple is no longer rationally explained. Therefore we should be experiencing the final machinations of a devastating decline that started in November 2021. As of now, I am expecting price to decline and ideally in an aggressive fashion as we should still be in a wave 3. If this is to end soon, an aggressive price decline is what I'm looking for. However, we decline is a very overlapping manner, this could portend a more complex pattern is emerging and things could get even worst as time goes on. As always I will update you twice a day Monday through Thursday, once on Friday and then with a Weekend Update. IF YOU FOUND MY ANALYSIS HELPFUL PLEASE GIVE ME A THUMBS UP OR IF YOU DON'T FOLLOW ME BUT HAVE INTEREST IN SOLANA, MAKE SURE TO FOLLOW ME FOR THE LATEST PRICE ANALYSIS. Best to All, Chris
FTX:SOLUSD
by maikisch
12
Morning Update: I'm in the Trade at $44.19First let me begin by saying thanks to the followers who took time out of their evening to reply and give me a thumbs up. I don't ask for feedback out of some narcissistic need to feed an ego. I want to see if what I'm contributing to Trading View is helping or is important to some people. In the absence of that knowledge I'm sure no one would find it unreasonable to look at reallocating my time. Thanks Guys:) Back to Solana: Last night I outlined a potential trade set-up. Go long in and around the .618 retracement area of the rally off of $35.30 bottom earlier in the month with a stop in place. The trade (albeit risky) has some technical merit because the .618 should provide something of a bounce. It doesn't mean a guarantee. I have written extensively about trying to keep my EWP perspectives simple. An ABC for wave 4 is simple. Could this wave 4 have concluded at $59...sure. My only problem with that being the conclusion is the amount of time it took. I would prefer a more pronounced wave 4. That's why we're risking $2 - $2.50 for the potential of $20-$30 points later on this summer. It's important to know clearly that I DO NOT BELIEVE SOLANA HAS BOTTOMED. Nothing has changed in my perspective. But if this wave 4 is a standard ABC then at this price level it's worth a shot. If stops are triggered...DO NOT CHASE SOLANA. Risk management is in place to protect us. Discipline is the key to not losing a lot money in any market. Best to all, Chris
FTX:SOLUSD
by maikisch
6
This time its different.....What amazes me about the whole cycle is how close both topping patterns played out. 1. The double top pattern with a lower higher on the daily market the top and a massive drop. 2. This phase of the pattern was not exactly the same. 2017 we had a 98% bounce and in 2022 we had a 41% bounce but it did take around the same time before starting the next leg with 2017 taking 52 days and 2022 taking 62 days. 3. Now this is where things start lining up pretty damn well , same impulse move up and a double top but with a higher high trapping in everyone thinking we were going higher. Now this entire move was all orchestrated. I explain why in detail below in a different TA . 4. This phase was nearly a perfect mirror from 2017 and it was obvious at this point at least to me that bitcoin was in full distribution , which tends to happen in bear markets. 5. After phase 4 is over then proceed to pump 41% in 2017 and 45% in 2022 , only to return back to marker 2. The bull market blueprint of 2021 was in 2017 , the same players using the same tactics to leave most of retail high and dry. They don't even bother to change the way they do it, rinse and repeat . I always thought Bitcoin was the people's money but now after this bullrun and understanding the way they move the market I really don't think so anymore, the same 7-10 year old wallets shift the market right in plain sight , everyone has access to glassnode just go there set 7-10 year old wallets and see for yourself , market is rigged. Check out the comments I posted on this TA published nearly 2 months before this crash. That weekend I was getting massive alarms for the 7-10 year old wallets, same story different cycle….. There is still hope for decentralisation and to bring power back to the people but it's not through Bitcoin , it's through cult dao . A project that is bringing back true decentralisation. The Website -https://cultdao.io The Whitepaper/manifesto -https://cultdao.io/wp-content/uploads/2022/01/CULT-DAO-Manifesto-1.pdf
INDEX:BTCUSD
by Sporia
17
Axie Infinity (AXS) Buy ZoneAxie Infinity (AXS) Buy Zone -------------------- BIAS Mid-Term : Bullish Risk : High On 4 hours timeframe Axie Infinity formed bullish pattern which shows the possible reversal at $29 zone. -------------------- $AXS/USDT LONG SETUP Leverage : x3 - x5 Entry Price : 28.8 - 27.9 TP 1 : 31 TP 2 : 32.5 TP 3 : 33.9 TP 4 : 35.25 TP 5 : 37.8 TP 6 : 39.75 TP 7 : 42.4 TP 8 : 46 Stop Loss : 26.5 *Maximum 3% of Portfolio. *Unload 12.5% at each TP. Whenever TP 2 hits, Move stop loss to entry. --------------------
Long
by Zerene
FET/USDT#FET/USDT ANALYSIS ###################################################################################################################################################+ It is holding above horizontal and trendline support. MACD crossover is loosing bearish momentum. As it is currently creating a higher low, so a good volume will confirm a bullish move from here and a sustain breakdown of the support would confirm bearish move. FET has real great project. you can buy it under 0.35 BUY ORDER < 0.344 SELL ORDER >= 0.37-0.70 Targets: T1: 0.37 T2: 0.42 T3:0.47 T4: the moon If u agree & like my trading still give me some like and follow me boss! love all of u !!! HAPPPY TRADING!!!
Long
by similarKing71131
2