SOLANA in a Descending Broadening Wedge
Solana is on the hour in a Falling wedge in which the bulls are now pressing against the resistance line. However, a slight negative divergence has been spotted on the hour
whether that will really have an effect on the bulls remains to be seen, This could give the price another swing downward.
For the time being, if the price were to break out upwards, I expect the bulls to point their horns at $211, there will be some resistance around the psychological $200
once the $211 resistance is broken (incl re-test) there is a good chance we could also break the resistance of the bigger picture pattern, the Descending Broadening Wedge. Because if we look at the Daily Chart, we see the bulls and bears created an Descending Broadening Wedge. I drew a diagonal white “support” line where secretly the hope lies that if the bears bring the price more down a bit the bulls could support at that level. In the event of a breakout on the upside, there could be an opportunity for the bulls to seek out a new All Time High.
I also like to share the link to Solana where the Consensus mechanism of Solana is explained. Because instead of a Proof-of-Work or Proof-of-Stake, this is a Proof-of-History at Solana and that is of course quite interesting and is explained in a fairly accessible way.
solana.com/news/proof-of-history
1H
Keep calm, do your own research! trade safe and manage your risk.
*(Disclaimer: this is not financial advice)*
whether that will really have an effect on the bulls remains to be seen, This could give the price another swing downward.
For the time being, if the price were to break out upwards, I expect the bulls to point their horns at $211, there will be some resistance around the psychological $200
once the $211 resistance is broken (incl re-test) there is a good chance we could also break the resistance of the bigger picture pattern, the Descending Broadening Wedge. Because if we look at the Daily Chart, we see the bulls and bears created an Descending Broadening Wedge. I drew a diagonal white “support” line where secretly the hope lies that if the bears bring the price more down a bit the bulls could support at that level. In the event of a breakout on the upside, there could be an opportunity for the bulls to seek out a new All Time High.
I also like to share the link to Solana where the Consensus mechanism of Solana is explained. Because instead of a Proof-of-Work or Proof-of-Stake, this is a Proof-of-History at Solana and that is of course quite interesting and is explained in a fairly accessible way.
solana.com/news/proof-of-history
1H
Keep calm, do your own research! trade safe and manage your risk.
*(Disclaimer: this is not financial advice)*
Tims.Technische.Analyse by TIMTIBBO
