$SOL/USDT 1h (Binance Futures) Rising wedge near breakdown SHORT

24 Feb 2021

Solana has bounced hard an could retrace down here.
If you feel like shorting, this is usually a bearish pattern...
Also, it could break bullish but we rather have a hedge running!

Current Price= 16.6429
Sell Entry= 16.6170 - 17.0174
Take Profit= 15.4328 | 13.9062 | 12.4232
Stop Loss= 18.2016

Risk/Reward= 1:1 | 1:2.1 | 1:3.17
Expected Profit= +16.46% | +34.62% | +52.26%
Possible Loss= -16.46%

Fib. Retracement= 0.236 | 0.5 | 0.786
Margin Leverage= 2x
Estimated Gain-time= 5 days

25 Feb 2021

Nota

Broke out upward after all

Solana kept growing, this was unlikely and it could still be a fake-out, but market looks bullish.

25 Feb 2021

Nota

SL almost hit then reversal

Solana finally broke-down, seems like we had some luck not to have been stop hunted.
Let's see if we can reach first target at least now, that'd be great!

25 Feb 2021

Nota

You probably saw that Binance launched Staking with up to 43.79% APY

That is a very high Annual Percentage Yield for Solana and could be worth it!
But I think right now price is too high to buy for long-term, also remember that short targets are possible uptrend support.
So you could start accumulating progressively if we managed to reach them, especially around 14$...

binance.com/en/support/announcement/a5c507485f7843d8b3a3800fee3c1f84

25 Feb 2021

Nota

TP1 missed by 0.0734$

That was very close too, I recommend to take some partial profit manually here, just in case Solana bounces.

25 Feb 2021

Dagangan ditutup: sasaran tercapai

TP1 reached with +16.46% (2x) and 1R

Finally Solana reaching first target, I'm taking most profit here and moved SL at 2nd entry!

28 Feb 2021

Dagangan ditutup: sasaran tercapai

TP2 reached with +34.62% (2x) and 2.1R

Solana retraced down further, last target is till in play but I am progressively buying back in Spot on each dip.

28 Feb 2021

Dagangan ditutup: sasaran tercapai

TP3 would have been reached with +52.26% (2x) and +3.17R

Unfortunately as you saw, we tried to long back Solana too early and were not shorting it anymore.
Seems like I should have waited for that last target before considering it.

Or the best way would be using hedge mode so you can have position running in both sides, but PredictionCoins bot does not allow that yet!
Now, I'll keep an eye on that descending channel since a break-out would propel price higher!