evilpancake

Solana Symmetrical Triangle

Long
evilpancake Updated   
BINANCE:SOLUSD   Solana
Since the recent high on 18 Mar, SOL has made a sideways, contracting range correction. Entry could be on breach of $190.95 or use a breakout and back test of the upper trendline. Using the length of the first wave down, the measured move target is $230. Stop loss can go below $180 and still give around a 3:1 R/R setup. If it breaks down instead of up, the $130 price area may become attractive.
Comment:
Nice move overnight. Probably reasonable to take partials and update the stop loss.
Comment:
More of a quiet session. Not too surprising on the long weekend. You may want to tighten the stop into profit and watch how it reacts to the $200 level.
Comment:
Pretty nice looking retest of the point of the triangle. We'll see if an impulsive move develops up from there.
Comment:
The triangle pattern has failed, since we are below that pivot put in at 180. Looks like there should be another decline to complete a C leg down, and we may be able to look at this as a flat. Will be watching to see what kind of a reaction we get in the 160 area.
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