SOLUSD|Monthly S/R| POC| Swing Low| .618 Fibonacci

١٩ مايو ٢٠٢٢

Evening Traders,

Todays analysis – SOLUSDT – trading in a descending channel where a where a continuation is probable,
Points to consider,
- Price Action Corrective
- POC Resistance
- Monthly S/R Support
- Low Volume

SWOLUSDT’s immediate price action is trading in a local down trend, a bounce from the current POC is possible before a larger correction towards the swing low.

The low is in confluence with the channel support and the .+18 Fiboancci, increasing the probability of a bounce.

The current volume profile is below average, an influx is needed for continued strength once the bounce solidifies.

Overall, in my opinion, SOLUSDT is a valid long with defined risk, price action is to be used upon discretion/ management.

Hope this analysis helps,

Thank you for following my work

And remember,

“Trading mastery is a state of complete acceptance of probability, not a state of fight it.”
― Yvan Byeajee