IF BTC BREAKOUT 38000 SOL IS GOLD$
Considering the 2-week range of bitcoin, there are various opinions and analyses in the market. But I was thinking that instead of constantly updating my analysis, which ultimately becomes correct in one of the scenarios, and in the end, I'll be called an analyst like everyone else:)), I would introduce you to different theories from other pairs, such as solana, so that you can have a plan for all market directions.
I will explain to you that based on the analysis of bitcoin inside my mind, I see the market as bearish and I think the price trend has changed from 38000.
The question is here? If I have made a mistake and the trend continues to 40000
Should I update my analysis? No
Let's move on to the analysis:
It is evident that the price of sol on the left side of the image has broken the important support range of 78 according to the yellow arrow, and the price has come down to $7 again, and it has now reached the range of $55.
Based on the volume profile in the image and the vl line, I can consider $7 as a bottom, and I have drawn the volume profile at $143 till today because of the first lower low wave price is obvious in that area.
By drawing vwap at $143 until today, we understand that the downward slope of vwap has decreased, which is one of the signs of a change in trend, and from December 29, 2022 until today, the upward trend and higher high price are clearly evident.
The approximate overlap of the upper band 3 of vwap indicator with the resistance line, which was previously a support, indicates a continuation of the price increase.
With low trading volume or low volume node as shown on the right side of the image, there seems to be an empty space between $75 and $80 that may have been filled with sell orders.
So, we can consider the continuation of the trend stable up to the average price of $78.
But the contradiction of this analysis with bitcoin analysis leads me to my goal of having a golden conclusion for you.
The reason for choosing the title is also summarized in this sentence. If btc breaks out at $38000, this analysis can be relied upon.
Wishing you all success in your financial endeavors:)
Best Regards
I will explain to you that based on the analysis of bitcoin inside my mind, I see the market as bearish and I think the price trend has changed from 38000.
The question is here? If I have made a mistake and the trend continues to 40000
Should I update my analysis? No
Let's move on to the analysis:
It is evident that the price of sol on the left side of the image has broken the important support range of 78 according to the yellow arrow, and the price has come down to $7 again, and it has now reached the range of $55.
Based on the volume profile in the image and the vl line, I can consider $7 as a bottom, and I have drawn the volume profile at $143 till today because of the first lower low wave price is obvious in that area.
By drawing vwap at $143 until today, we understand that the downward slope of vwap has decreased, which is one of the signs of a change in trend, and from December 29, 2022 until today, the upward trend and higher high price are clearly evident.
The approximate overlap of the upper band 3 of vwap indicator with the resistance line, which was previously a support, indicates a continuation of the price increase.
With low trading volume or low volume node as shown on the right side of the image, there seems to be an empty space between $75 and $80 that may have been filled with sell orders.
So, we can consider the continuation of the trend stable up to the average price of $78.
But the contradiction of this analysis with bitcoin analysis leads me to my goal of having a golden conclusion for you.
The reason for choosing the title is also summarized in this sentence. If btc breaks out at $38000, this analysis can be relied upon.
Wishing you all success in your financial endeavors:)
Best Regards