So as posted in the trading view ideas chart yesterday SOL officially broke its LONG running up trend and seen a decent drop.
Crypto has seen some of the most bullish news of its entire lifetime in the past couple months and yet the price only goes down. If people haven't figured out they are still in a bear market for now at least at this point it is willfull ignorance of reality that will be undeniable obvious looking back from the future.
In a bull market rallies come on even bad news and same for the bear. Price decline on not only good news but the best news imanginable is a clear tell that the market is still too over priced for the current state of the financial system. This has nothing to do with the validity of the market it is an unbrakeable relationship to the past purchase history and real world liquidity.
Personally I have nothing against SOL and honestly do believe it will be one of the leading projects when the next bull run actually comences but also don't believe that day to be today, and see the possibility of alot more pain to come. At the end of the day 99% of crypto has no current uses and SOL is slightly different in this regard as companies that have a use for block chain are choosing its speed and transaction cost. The $8 mark has been defended to the penny and the only real place on this chart that real money has said I will take as much as available leading to TRUE support. Hopefully they raise that buy number but this hasn't happened yet and a retest is certainly a possibility.
Now that ego's have been satisfied as to how great SOL actually is, being the trend has broken, seen a significant decline; a retest of the trend brake is in order. Large price drops give price more room to run for larger retraces. Price has dropped significantly and as such this retest/retrace will most likely be larger and hopefully in the 10% area.
Three moves available.
1. DCA long term into what is most likely a solid project that will exist into the future. HODL if ok with much lower prices. This is an unknowable speculative gamble that can go both ways and a decision for each individual to make on their own.
2. If trading, be smart & wait for price at an unknown point to suddenly spike to the retest level and enter short, take profit early and move on with life.
3. Pretend to be the best trader that ever lived and enter long, take too much risk, possibly get stopped out mulitple times, miss the retrace all together and then get gun shy for the probable move to the short side.
In a highly volitle and wildly speculative market saftey and caution for survial are a must. A few good wins will never make up for 1,000 mistakes and always best to exercise caution and safe practices when in wildly unpredictable and dangerous environments. If you value your captial trading is certainly no different.
Trade Cautiously..... and hopefully well
Crypto has seen some of the most bullish news of its entire lifetime in the past couple months and yet the price only goes down. If people haven't figured out they are still in a bear market for now at least at this point it is willfull ignorance of reality that will be undeniable obvious looking back from the future.
In a bull market rallies come on even bad news and same for the bear. Price decline on not only good news but the best news imanginable is a clear tell that the market is still too over priced for the current state of the financial system. This has nothing to do with the validity of the market it is an unbrakeable relationship to the past purchase history and real world liquidity.
Personally I have nothing against SOL and honestly do believe it will be one of the leading projects when the next bull run actually comences but also don't believe that day to be today, and see the possibility of alot more pain to come. At the end of the day 99% of crypto has no current uses and SOL is slightly different in this regard as companies that have a use for block chain are choosing its speed and transaction cost. The $8 mark has been defended to the penny and the only real place on this chart that real money has said I will take as much as available leading to TRUE support. Hopefully they raise that buy number but this hasn't happened yet and a retest is certainly a possibility.
Now that ego's have been satisfied as to how great SOL actually is, being the trend has broken, seen a significant decline; a retest of the trend brake is in order. Large price drops give price more room to run for larger retraces. Price has dropped significantly and as such this retest/retrace will most likely be larger and hopefully in the 10% area.
Three moves available.
1. DCA long term into what is most likely a solid project that will exist into the future. HODL if ok with much lower prices. This is an unknowable speculative gamble that can go both ways and a decision for each individual to make on their own.
2. If trading, be smart & wait for price at an unknown point to suddenly spike to the retest level and enter short, take profit early and move on with life.
3. Pretend to be the best trader that ever lived and enter long, take too much risk, possibly get stopped out mulitple times, miss the retrace all together and then get gun shy for the probable move to the short side.
In a highly volitle and wildly speculative market saftey and caution for survial are a must. A few good wins will never make up for 1,000 mistakes and always best to exercise caution and safe practices when in wildly unpredictable and dangerous environments. If you value your captial trading is certainly no different.
Trade Cautiously..... and hopefully well
