Unmissable trading opportunity on Solana today!
In the current bearish technical outlook for the cryptocurrency market, a short strategy on Solana (SOL) on Bitget's USDT-M Futures offers an opportunity for traders. This strategy, as detailed by Bitcoin and blockchain technology specialist Charles Ledoux, involves selling SOL at an entry point between $183 and $190.
For those looking to execute this strategy, the steps are as follows:
- Access the USDT-M Futures on Bitget and transfer USDT to your Futures account.
- Select SOL/USDT in one-way mode (short).
- Place a limit sell order between $183-190.
- Set a stop loss at $200, above the key resistance, and take profit levels at $150, $132, and $115 via Positions > TP/SL.
- Adjust leverage for liquidation above $200, with a moderate leverage of 5x.
It's important to note that a close above $200 in SOL could potentially invalidate the strategy. The risk/reward ratio for this strategy is 1:3.4, 1:5.3, and 1:7.4 respectively at the $150, $132, and $115 take profit levels, offering a potentially advantageous risk.
Solana (SOL) has experienced losses across the crypto market and reached a high of $209 last week. However, it may rally in the short term up to $189. The current resistance zone for SOL in LTF (Low Time Frame) is around $190, and strong resistance zones are between $184 and $190.
A return to the liquidity zone at $110 for SOL is possible, and monitoring the RSI (Relative Strength Index) with a period of 1.5 billion is recommended for this strategy. Solana (SOL) shows a clear bearish divergence in its daily RSI.
While the authorship of the Short-Strategy for Solana on Bitget is not explicitly stated in the provided search results, it is worth noting that Charles Ledoux, a graduate of the Crypto Academy, Bitcoin miner, and author of numerous masterclasses and over 2000 articles, has been identified as the author of this article.
It's crucial to remember that this article is for informational purposes only and should not be taken as financial advice. Always do your own research and consider your risk tolerance before implementing any trading strategy.
In the coming weeks, the overall technical outlook for cryptocurrencies remains bearish. Bitcoin has lost its uptrend line in HTF (High Time Frame), indicating a potential downward trend. Traders should exercise caution and stay updated on market developments before making any investment decisions.
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