Solve new analysis from Bullish and Bearish standpoint
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Hello Guys,
All things looked great for SOLVE, It was trading in a bullish formation, a big upwards triangle. It technically was in a bull market (golden cross and above the 50 day MA).
Yet it failed to produce some upward price action and green volume.
There is no real volume to be seen, only at Upbit the SOLVE/KRW pair shows great volume (upwards of 1 million a day) against the 30.000 at Bittrex and 20.000 at KuCoin.
Now SOLVE has fallen in value with 25%.
There is a chance that the price will continue the drop in the falling channel. Then the price must drop dramatically today or in the next day. This seems unlikely, but there is a small possibility.
I think it is more likely that this was a correction and that the target from the break of the triangle has been made. That should result in a break of the channel to the upside (this could also be drawn as a falling wedge with a classic dip below it before braking the wedge).
Also on the weekly chart, we are now in a bounce area according to the Stoch RSI.
We will get some answers today or tomorrow. I will keep you guys updated.
Trade safe!
Greetings!
All things looked great for SOLVE, It was trading in a bullish formation, a big upwards triangle. It technically was in a bull market (golden cross and above the 50 day MA).
Yet it failed to produce some upward price action and green volume.
There is no real volume to be seen, only at Upbit the SOLVE/KRW pair shows great volume (upwards of 1 million a day) against the 30.000 at Bittrex and 20.000 at KuCoin.
Now SOLVE has fallen in value with 25%.
There is a chance that the price will continue the drop in the falling channel. Then the price must drop dramatically today or in the next day. This seems unlikely, but there is a small possibility.
I think it is more likely that this was a correction and that the target from the break of the triangle has been made. That should result in a break of the channel to the upside (this could also be drawn as a falling wedge with a classic dip below it before braking the wedge).
Also on the weekly chart, we are now in a bounce area according to the Stoch RSI.
We will get some answers today or tomorrow. I will keep you guys updated.
Trade safe!
Greetings!
Nota
Nota
It still looks good so far. Yet solve is running in some resistance of the trendline and the 20 day moving average. Let's see if it can break it to the upside this time.
Exciting days ahead.
Nota
Broke to the upside, let's get to the target of 1600 sats.
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