SOLUSDT → Countertrend correction and hunt for liquidity

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SOLUSDT looks quite promising on the bullish side. The price is testing one of the key resistance levels within the local trend rally. A correction is forming. Is it beneficial for us?



On the higher timeframe, we see a change in character, a breakout of the trend resistance, and the formation of an upward trend support line. Bitcoin is still bullish (locally) at this time, but it is consolidating, which generally provokes a correction in SOL as well. Focus on the 150-149 area. If the bulls are able to keep the price above this zone after the retest, followed by the formation of momentum, this can be considered a positive medium-term sign.
Locally, the price within the trading range of 149.36 - 158 is heading towards the area of interest and liquidity (eql) at 149.36. The current sell-off is most likely triggered by a large player seeking a more favorable entry into the market.

Resistance levels: 154.75, 156.8
Support levels: 149.36, 147.93

In the current situation, it makes the most sense to consider an intraday trading strategy. A countertrend correction and a retest of support could attract buyers...

Best regards, R. Linda!

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