SOLUSDT Long Idea - Break and Re-Test of Channel and Fib Entry
2025-01-09
Category: None

Sol has been trending downward on the 4H timeframe, within a descending channel.

I've drawn a Fib channel in (anchor points are purple circles) to highlight the channel boundaries and the reactions to each of the fib levels within the channel.

At the start of 2025, there was a break upwards, with price action breaching the channel and consolidating, before pushing higher towards the initial fib extension take profit targets that I use when taking Fib Retracement trades. Anchor points for the Fib Retracement tool are in blue circles.

Price action action then fell, due to BTC pull back, and is now resting in a zone aligning with both the 61.8 fib of the original push, and a retest of the top of the channel.

The long idea is to enter in this region, and target the supply zone marked in red.