SOLUSDT has bounce from monthly support MS1. A weekly support marked as WS1 on the chart is also sitting just above it. Therefore, this zone 95-110 was a confluece of these support levels and a bounce was justified. Now the price is heading towards weekly resistance which is sitting around 165-180 zone. However, it is facing daily resistance DR1 and currently pushing there. With a bit of struggle, it shall pierce through this DR1 resisatnce to head towards weekly resistance. And exactly above that weekly resistance, monthly resistance MR1 is also sitting with zone 180-200. Therefore, this is a confluence of the resistances and will cause the upward movement of the price to stall there and cause some push back. Lets see how it reacts there but if in long some profit taking on that resistance confluence zone is definitely a rational behavior.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.