$SOL /USDT took a nosedive 📉 $70.20, -4.84% today. The 1h candlestick shows a dump from $75.00 to $69.68 and a weak bounce back to $70.20. Volume hit 207K on the drop candle, the highest of the day.
1h Chart Analysis:
Structure: Drop from $75.00 to $69.68 over 4 candles, weak bounce to $70.20. Clear lower highs. Intraday trend is bearish unless we reclaim $71.50. Immediate support at $69.68.
Setup 1: Dead cat bounce short [Safer]
• Entry: $70.40-$70.50 if it bounces and rejects.
• SL: $70.65. Above the high of the bounce.
• TP1: $70.10 = 0.6%
• TP2: $69.90 = 0.9%
• TP3: $69.70 = 1.2%
• TP4: $69.40 = 1.6% - break support
• Why: There’s 672K SOL for sale at $70.22. After a -4.8% drop on the candle, the bounces die there.
Setup 2: Short on breakdown
• Entry: 1h close below $69.68 with volume >150K.
• SL: $69.90.
• TP: $69.30, $69.00, $68.50.
• Why: Breaking support triggers continuation. Next support is at $68.50.#Binance ce #sol #solana
1h Chart Analysis:
Structure: Drop from $75.00 to $69.68 over 4 candles, weak bounce to $70.20. Clear lower highs. Intraday trend is bearish unless we reclaim $71.50. Immediate support at $69.68.
Setup 1: Dead cat bounce short [Safer]
• Entry: $70.40-$70.50 if it bounces and rejects.
• SL: $70.65. Above the high of the bounce.
• TP1: $70.10 = 0.6%
• TP2: $69.90 = 0.9%
• TP3: $69.70 = 1.2%
• TP4: $69.40 = 1.6% - break support
• Why: There’s 672K SOL for sale at $70.22. After a -4.8% drop on the candle, the bounces die there.
Setup 2: Short on breakdown
• Entry: 1h close below $69.68 with volume >150K.
• SL: $69.90.
• TP: $69.30, $69.00, $68.50.
• Why: Breaking support triggers continuation. Next support is at $68.50.#Binance ce #sol #solana