Solana | Simple Candlestick Reading

18 sept

Let's look at Solana based on candlestick reading.
(Notice the numbers and letters on top of the candles.)

➖ March 2024 signals the end of the bullish wave.

(1) Breakdown. After the rise prices move lower strongly for the first time.

(2) The first breakdown is confirmed by a second breakdown.

(C) Continuation.

(3) Strong breakdown. Lower high compared to number one. This session becomes the main market bias. The main bias is down based on this candle. What is happening now is a down-move. This down-move started on number one and is confirmed here again at number three.

(C) Consolidation of the breakdown.

(4) Breakdown.

(C) Consolidation likely leading to the continuation of the breakdown.

➖ The whole dynamic is one of lower prices. A bearish trend. It would take at least six months for this chart structure to change.


➖ Conclusion & Interpretation

My opinion, based on the above data, is that Solana will continue to move further down before changing from bearish to bullish.

When will it change?
The chart will let us know.

When the chart shows the reversal (bullish signals), I will share them here with you.

Namaste.