I'm bullish on altcoins generally right now but I believe a strong corrrection is likely for SOL.
Shorting is almost always the more risky trade. Especially in these conditions. So...
Shorting is almost always the more risky trade. Especially in these conditions. So...
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I took this trade as a crazy hedge to my crypto longs. If it works it will hedge me. If it doesn't I'm all good.
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SOLBTC can clear these highs with a quick move but idk. It's just a crazy trade :D Let's see.
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I like the macro outlook of SOLBTC btw.
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My stop is 83 btw. I put that stop randomly on chart.
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If you didn't get it, SOL showed sign of exhaustion here. But didn't do a type of correction which is a usual behavior to test divergences with aggrresive moves. Sometimes they even do a fake invalidation.
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I think this is a good possibility. That's why my stop is around there. You might wanna try a short around my stop :D
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Similar structures different conclusions. Devil is in the details. Or not :D It'd be funny if it works.
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Here is a simple Wyckoffian look on SOL. If this is the accumulation, SOL is in the SOS phase. Considering how long the accumulation phase, expect a long SOS phase. My target on the chart was also kind of random :D If I see strength in SOL I'll close.
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And I guess I don't have to say this but if this is the case for SOL, iit's insanely bullish.
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For the history of SOL this accumulation is good enough. If you think it is accumulation.
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So yeah I shorted a coin I think that looks good :D
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If you are a SOL fan, this is the "be patient and faithful" phase. Buy more at the support and hope that it holds. If it doesn't hold, don't chase it. This is how it works.
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Usually you see ranges like this, 2 important horizontals. It's a good thing. So target on the chart is not that random.
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SOL to AVAX rotation was real?
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This hedge short makes me net short (slightly) in crypto market right now lmao. Long positions just worked really well. I had to take profit. And the bear in me is still there.
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Honestly this looked like a market-wide flush. Not something I really like for this position.
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I moved stop to entry(74)
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Stopped at entry. Like I said macro SOL is good. My only problem with it there is no reaccumulation range yet. It's effectively up-only for spot holders. If you are not a big SOL fan it's just watch time imo.