mugcal
@t_mugcal
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mugcal
As a fun of crypto futures, i see we are about to enter two important zones on the weekly timeframe and incase anyone of them provides me with a valid bearish setup on atleast the 4H timeframe, i will definitely consider shorting Solana to the weekly target area of support(previous resistance) that we have broken previously...
mugcal
As you can all see, Solana gave a clear break out above a major resistance level on the Daily timeframe. It then retested that broken resistance level to give us a descending channel and it then created a major resistance level above which we have again had a break out for the current swing buys till the previous supply zone where price greatly wicked and started dumping...I am looking at having all the 5 Elliot waves completed if we are to think of the next sales...
mugcal
On the D1 timeframe of btc, we already had Head n’ Shoulders confirm in the past two weeks. Personally, i am seeing BTC back to 17k$. I expected most ALTs to drastically drop. And we start today with this long awaited drop!!
mugcal
I am personally still strong on shorts on SOL. Same way BTC is still presenting a sales structure, definitely provides us a chance to have our shorts successful on these other baby coins. Retest on previous support happened and we didn't have a break above which presents us a possibility of continued selling as per the structure. expecting a lower low on 1.2FIB level.
mugcal
I am of the view that if we dont break above this current resistance we might have another big drop on BTC. for now i am abit neutral on the direction of btc because it is also possible that we might have a burst upwards according to where it is. On market structure if this current mini support is broken on H1, we shall short it with great R:R
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