Sep 30 (edited) in General discussion
$SOL Cryptocurrency Price Action Report
The 4-hour chart of Solana (SOL/USDT) shows a significant opportunity to scalp a long position, based on the red and violet vector candles and support from the 50-day moving average.
Explanation of the Red and Violet Vector Candles:
- The red vector candle represents aggressive selling pressure, indicating that market makers are possibly pushing prices down to collect liquidity and trap traders in shorts.
- Following the red vector, the appearance of a violet vector candle shows that the selling volume is starting to decline. This typically signals that the market makers have completed their liquidity collection, and the momentum might soon shift. A violet vector candle often appears when the selling volume decreases and the market approaches a point of exhaustion.
Potential Reversal Sign:
- With the decrease in selling volume indicated by the violet vector candle, it hints at a potential reversal. This is further supported by the fact that price action is now approaching the 50-day moving average.
Support from the 50-Day Moving Average:
- The 50-day moving average (as seen in the chart) acts as a significant support level. This moving average often provides a strong bounce zone for price action, especially when combined with declining selling volume.
Scalping Long Opportunity:
- Given the combination of the decline in selling volume and the support from the 50-day moving average, this zone represents a good opportunity to take a long scalp.
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$SOL Cryptocurrency Price Action Report
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