Solana, Bitcoin & Cardano — Asian Wrap 13 July

How to navigate this Solana price breakout and market manipulation?

Solana price has ended its coiling up phase that lasted for more than a month. The sudden spike in selling pressure over the last three days, triggered a breakout, indicating that a further downswing is plausible.

Solana price breached its symmetrical triangle setup on July 11. This technical formation contains three lower highs and two higher lows, which when connected using trend lines, reveal a symmetrical triangle.

Bitcoin price closes below $20,000!

Bitcoin price has officially closed at $19,321 on July 12, 2022. The bearish enfgulfing candlestick provokes the idea of further decline into $18,595 to liquidate traders who partook in last week’s triangle breakout thesis. Still, capitulation is unlikely to occur near the first bearish target. Therefore, liquidity under the June 18 swing low at $17,920 is now deemed unsafe.


Cardano price proves “a rising tide does not lift all ships”

Cardano price validates last week’s bearish trade setup as the bears are now in profit 12% since the plummet was prophesied. An additional fall to $0.20 is now on the table. If the bulls do not show up to recover the ADA price, soon expect the latter. 

Cardano price currently trades at $0.42. Traders who partook in last week’s 2.75-1 Risk-to-Reward trade setup are enjoying the ongoing calamity as the first bearish target at $0.41 is moments away from being actualized.



Be the first to comment

Leave a Reply

Your email address will not be published.