SOL Update 02.09.2024

As mentioned in my last post, SOL was likely to show lower prices. Now having reached its short term target, what's likely to happen next?

Here's the reaction off of last week's level (the low of the candle and Pattern Point D at the turquoise line)⬇️

First of all, even though we dipped into that first SSL, it can still go lower as there is a very big +OB which would allow for more downward price action. I'd say this is less probable, since we've essentially reached it's Consequent Encroachment (CE/Midpoint)...

... and Bitcoins seems also to want to go higher. 

Here you can see the Bitcoin chart which has already made 3 Runs on Sell Stops, which drops the probability of further downward action before doing anything on the upside. Here I favor the BSL marked in blue, which could also have an effect on Altcoins. 

Still, the BTC chart is still not a trade I would want to take. If it was my kinda setup, it had already moved way too much to justify the risk. The Stop had to be at a point where it would be hard to get a 1:1 RR which would still be horrible.