SOL/USDT: Watch 59 to bypass to confirm the bullish reversal

16 Agu 2022

---- Mid-term Analysis for the next coming 4 weeks to 3 months - Daily on Daily Chart (LOG)-------

SOL/USDT: Watching 0,59 to bypass to confirm the bullish reversal

Context
- The Global Crypto market leads by BTC and ETH reversed drawing a new bullish trend - SOL for now is still lagging versus ETH after having reach its target at 29,50
- We are watching at 59 area to bypassed to extend the bullish recovery in progress (in parallel of 2170 ETH)
- Watch 29,50 as key Tactical and Strategic support

Previous analysis 03/06/2022 : https://www.tradingview.com/chart/SOLUSDT/NStC5ynB-SOL-USDT-Last-drop-expected-before-recovery/


Market configuration

- Graphical Elements :
Graphical Resistance = 59 & 82
Graphical Support = 29,50

- Mathematical Indicators:
EMA ( Exp Moving averages) are now support at 41 = Bullish / Neutral
RSI indicator (below) is now above 50% with room to the upside = Bullish

- Elliot & Harmonic Wave (Fibonacci):
Fibonacci Target (C) B has been already reached = 29,50
Fibonacci resistance of the wave in progress = 59
Fibonacci support of the wave B = 29,50/41,00
Fibonacci Bullish Target = 82,00 max 99,00


Conclusion

Preferred case => As long as 29,50 remains support we are looking to buy the dip in the buying area in order to test and then surpass 59,00 (corresponding to 2170 ETH), before opening a further rise towards the double bottom potential at 82,00 & 99,00
Warning : as SOL is still lagging versus ETH and as it didn't surpassed 59,00, SOL must be considered as small weight in a portfolio for the time being.