SOL $260 (up to 18%) - Consolidation could be over
2024-12-16
Category: None

BINANCE:SOLUSDT  is consolidating since the end of November after hitting the zone at $260. The consolidation looks overall very bullish (bull flag) and healthy. As you've seen in my analyse from 4 days ago the situation looks very good.

  

Also, Bitcoin is still holding very strong at $100K (currently at $103K). To determine, if the consolidation might be over we need to look a bit closer.

As we can see, we're currently still within the bull flag / consolidation channel between $260 and $200. Since December 11 we can see a bull flag within the bull flag after bouncing off from the support level at $203/$200. This might indicate that we've seen the low for now and are going to break the bull flag / consolidation channel. We've bounced from the 61,8 Fib from this little bull flag. A possible first target would be the resistance at $235. The next two targets would be $242 and finally $260.

If we go below $215 we might see another test of the $203/200 level. If you decide to test a long here, try to place your SL below $215 or (if you trade with a smaller size) below the $203/$200 level. Do not forget that we see a lot of liquidity grabs in crypto, so don't trade with a SL to close to support levels or they will be detected.

 Target Zones 
 
  $235
  $242
  $260
 

 Support Zones 
 
  $215
  $203
  $200
 

Let me know what you think!