SOLUSDT still at weekly resistance

9 ก.ค. 2023

Here is an LTF view of SOLUSDT. The price is trading rangebound between hourly support and resistance. This hourly resistance is a bit above the weekly resistance one WR1 which has held the upward movement of the price experienced in the past few days. The price has hit the hourly support several times only to bounce from there and has reached to the hourly resistance a couple of times only to be rejected. At present the price is bouncing from the hourly support and trading just above it. I expect that it may move up to 21.80 and then start going down. On high time frame, probabilistically it makes sense to go long only after weekly resistance is cleared. Until then short is favorable from weekly resistance on large time frame. Not in trade for this one at moment.