SOL broke out of DES/SYM Triangle, read to move forward

7 Mei 2021

Hello everyone, I hope you had a great week and have amazing weekend plans! Enjoy the good weather for those that are having it.

SOL has appeared to break out of the descending triangle(its more descending that symmetrical IMO).

MACD-X
Both MACD and Signal lines are above 0 and are nearing a cross. When they do, it will be a big indicator to further confirm the prediction I believe.

RSI(VOLX)
My strength of volume is based on accumlation and distribution. These options can be changed FWIW.
RSI has a steep upward slope.
Str of Vol is also right there with it.

STOCH
We've already crossed and there is a nice gap between the K and D signal. Ready to move up.

Sym/Desc. Triangle
It appears the correction and consolidation period is over and late buyers who wanted out have sold and those that want in or want to buy are ready to start doing so again.

I do not view the lower time lines from the Daily for long or much at all. I posted the 8H to just show more of why the triangle pattern I drew fits well into the idea. More data is all. But lower time lines freak me out with how much they show deviations. I hold for several days to weeks before finishing a trade.

Here's the daily chart with indicators.


We're not exactly on the DIP but with how SOL has moved in the past, right now still feels like a good time to buy.
I have an active trade from todays candle.
I predict we will come out of resistance with this uptrend in a day or so. Patience and avoiding FOMO is key.

My execution strategy will come once i see the trend is above the ATH. I'll be checking the FIB ret to estimate where it might be headed and update then. Hoping for a large big wave 1 that continues to a 161.8% larger 3rd wave. :D

Enjoy your weekend! Happy trading all!