Is SOL/BTC following the ETH/BTC distribution pattern?

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  • As the big red weekly candle closes for BTC, we should see some volatility this week.
  • Solana valued in BTC has exited a rectangular distribution topping pattern.
  • Failure to recapture the rectangular box and enter back into it in a spring like move is looking increasingly unlikely.
  • Ethereum valued in BTC followed a very similar pattern in Nov 2023, exiting the rectangular distribution rectangle and fell much much lower.
  • The 50 week (blue line) and 200 week (purple line) moving averages also follow a similar trajectory for both instruments / coins.
  • If SOL / BTC does not recover into the box, and fast I will be exiting a long term position I hold.


Defensive Strategy based on this chart and the USD chart warrants consideration

PUKA

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