Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Solana’s double-top pattern indicates a potential drop ahead By: Invezz November 10, 2023 at 04:54 AM EST SOL/USDT trading strategy Buy/sell asset: Sell SOL/USDTEntry price: 47.96Stop loss: 50.33Leverage: 1xTake profit 1: 45.50Take profit 2: 43.00Take profit 3: 38.0Timeframe: 1 weekMaximum profit: 20.7%Maximum loss: 4.85%SOL/USDT chart and technical analysisSOL/USDT made a 131% gain since last month, however, the price was unable to close above the August 2022 high. Price attempted twice to break above that level but was unable to do so.The price made a double top around the 48.00 resistance area in attempting to break above that level. Double top in bearish reversal pattern which appears when the trend is reversing from bullish to bearish.I am expecting SOL/USDT will drop after a slight upward retrace and plunge to the 38.0 support level.Solana fundamental analysisThe double-top pattern could mark the end of the bullish trend and another winter might loom for Solana in the coming days and weeks.The boom and bust circle might repeat itself as the price was unable to break above the August 2022 high.Solana to Tether trade idea takeawaysThe double-top pattern on Solana indicates a potential drop ahead.The price will possibly drop to the 38.0 support level in the coming days.Multiple take-profit levels have been added to secure profit along the way.The risk-to-reward ratio on this trade is 1:4.2.The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.Good luck!The post Solana's double-top pattern indicates a potential drop ahead appeared first on Invezz Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Solana’s double-top pattern indicates a potential drop ahead By: Invezz November 10, 2023 at 04:54 AM EST SOL/USDT trading strategy Buy/sell asset: Sell SOL/USDTEntry price: 47.96Stop loss: 50.33Leverage: 1xTake profit 1: 45.50Take profit 2: 43.00Take profit 3: 38.0Timeframe: 1 weekMaximum profit: 20.7%Maximum loss: 4.85%SOL/USDT chart and technical analysisSOL/USDT made a 131% gain since last month, however, the price was unable to close above the August 2022 high. Price attempted twice to break above that level but was unable to do so.The price made a double top around the 48.00 resistance area in attempting to break above that level. Double top in bearish reversal pattern which appears when the trend is reversing from bullish to bearish.I am expecting SOL/USDT will drop after a slight upward retrace and plunge to the 38.0 support level.Solana fundamental analysisThe double-top pattern could mark the end of the bullish trend and another winter might loom for Solana in the coming days and weeks.The boom and bust circle might repeat itself as the price was unable to break above the August 2022 high.Solana to Tether trade idea takeawaysThe double-top pattern on Solana indicates a potential drop ahead.The price will possibly drop to the 38.0 support level in the coming days.Multiple take-profit levels have been added to secure profit along the way.The risk-to-reward ratio on this trade is 1:4.2.The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.Good luck!The post Solana's double-top pattern indicates a potential drop ahead appeared first on Invezz