Attention everyone! On SOLANA, a head and shoulders pattern has formed, and the neckline has been broken at the moment. We can expect a decrease in price to around $43. Although there is a possibility that the decline will be stopped by a strong Fibonacci level of 0.618 and the presence of the 200 EMA in this area.
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A small update on SOLANA.
Yesterday, after breaking the neckline, the downward impulse was halted at the 0.5 Fibonacci level, and then the price returned to the strong 0.382 Fibonacci level and is trying to hold above it. On higher timeframes, the situation still looks ambiguous, with one potential bearish signal being that the week could close with a red candle. Looking at the overall chart, I still consider it logical for a correction towards the 0.618 Fibonacci level and plan to place several buy orders around $47.
P.S.
Regarding the overall market, after yesterday's news about Binance and CZ, the market has reacted reasonably. Personally, I expected a more negative reaction, but as a long-term investor and spot market trader, I see this as an opportunity to buy at a lower price. After all, there is the saying "Buy fear, sell greed."
Yesterday, after breaking the neckline, the downward impulse was halted at the 0.5 Fibonacci level, and then the price returned to the strong 0.382 Fibonacci level and is trying to hold above it. On higher timeframes, the situation still looks ambiguous, with one potential bearish signal being that the week could close with a red candle. Looking at the overall chart, I still consider it logical for a correction towards the 0.618 Fibonacci level and plan to place several buy orders around $47.
P.S.
Regarding the overall market, after yesterday's news about Binance and CZ, the market has reacted reasonably. Personally, I expected a more negative reaction, but as a long-term investor and spot market trader, I see this as an opportunity to buy at a lower price. After all, there is the saying "Buy fear, sell greed."