Foreign Welcome to another update video about Solana so these Solana prices obviously Received quite a strong uh setback here In the last few days of course you know That was all related to FTX and so on And all the issues around Alameda However however Um you know that we've been talking About the the Solana chart being a mess Here and in a sense it is really good to See at least the lower low because Solana in that case has a chance to Create a new foundation on which new Autumn highs can be built because the Foundation that we saw here since the June low was very questionable but I did Talk about that extensively and also Raised my concerns extensively about the Solana chart it is all about finding Charts with a good and reliable price Structure and Solana now has a chance to Develop that again And that is really good I avoided Solana Personally due to all these issues here And if you've watched previous videos About Solana you will know that I raised Questions and raised my concerns about This structure here which looks correct If you have far too many overlaps yeah I Mean you can count it as sort of a Leading diagonal that's what we said but A leading diagonal is always something That is not very reliable then we came
Down quite strongly here that wasn't Really the issue even though I said this Looks quite impulsive so here we had an Impulse then we had here an attempt to Move higher and came down again like a 99 retracement I did explain I had my Issues and concerns with that and then This drop as well wasn't really positive Yeah but we avoided a new low and then In the end we did get our new low ride Even e already here I did expect Actually one more lack down now it Didn't happen we moved up but only in Three waves in the end and then came Down now into the region around fifteen Dollars fifteen dollars one level that I Come you know confirmed yesterday as Possible support level for Solana Um the thing is this could still drop Further and personally I am at the Moment avoiding Solana you know you Don't need to you know for me it's all About trying to avoid unnecessary risks If you've been Um well watching my Channel or if you're On Telegram and Discord you will know That my exposure to Solana is extremely Low I don't even have any in my order Portfolio Um so yeah I'm not I'm not for some Reason it's never really I mentioned it Yesterday in the video it's never really Connected with me I don't even know why I don't even know why not saying it's a
Bad project or at all I know there's a You know a lot of a lot of fans a lot of People involved with it But it's never really connected with me I have no idea why now we have come down Significantly and my personal strategy Is I'm avoiding it that's just what I do Um if dollar cost averaging I'm at the Moment focusing on other coins like Ethereum and Bitcoin Solana dollar cost averaging In my opinion extremely risky if you Believe in the project that might be a Different story then you make a Conscious decision that you want to Support the project and at the moment And everything but from a chart point of View this is nothing where I currently See a reason to belong and of course it Can recover but other coins will as well And my point is always that I try to Find the coins that show a reliable Chart structure and Solana isn't one of Them at least not at the moment as I Said it now has a chance to create that Solid foundation but for me I continue To avoid Solana until I have a signal That it has bottomed and even then there Will probably be charts that I'll be More interested in trading or investing In right but generally what I said if I Dollar cost average at the moment it is You know of course it is without Leverage
Um that is the whole purpose of DCA I Think long term Um that you don't have to pay any fees Or anything Um so long-term spot market and lower Quantities until we have confirmed a Confirmed bottom in place that's what I Do so we have seen after my last video Yesterday we have seen an additional low Here in the weight uh White Wave five I Think yesterday in the video if I Remember correctly we talked about a Still upcoming Wave 4 which then Happened here was only a small one and Then another leg down in a way five that Would complete yellow wave three we now Have the potential to see yellow wave 4 We might be working on that at the Moment and then there could be another Sell-off we don't need that last wave Five I mean honestly we have come down Enough to Um at any point in time reverse but Again we have to focus on further Downside until we have a reversal signal For me at the moment I don't have that Yet for me this here was a three wave Move a correction to the upside could be Wrong but it's it's too unreliable to Count this as an Impulse Um and if we now come down lower we Could see prices in the 10 10 region Maybe even lower in a way five now Let's just double check here this way
For and let us talk about What level would need to be reached for Me to Um consider something more bullish here So if we draw the Fibonacci retracements You can see that this Wave 4 in yellow Could theoretically stretch up all the Way to the 50 Fibonacci retracement we Have bounced off the 23.6 now And on the four hour you'll see a Bearish engulfing candle now that's not A bullish signal Um but a wave 4 can theoretically Stretch all the way up to the 50 Retracement 25 for me it's really only When we see a break above 25 that is When I think okay the bottom seriously Could have been in now and what would I Do would I chase the green candles no I Personally wouldn't chase the green Candles I would then wait for the Setback because this could theoretically Become something more bullish we have Enough waves down to count it as Complete we have come down enough to say That we are now oversold yeah on various Time frames let me just open the four Hour chart now that might have recovered Now yeah but we were over 30 at around 17 yeah we've now recovered back above 30. on the RSI on the four hour Um but yeah for me it's now to wait for A sign of a bottom this could occur at Any moment
Um Primary expectation would be we come Down lower unless we get back above 25 Dollars Bear in mind that an ideal Target for a Fourth wave is the 38.2 percent Retracement that is at around 22 dollars But the point is we've now seen a Bearish engulfing candle here on the Four hour chart in the drop below 1153 Would finally confirm further downside I Think already a drop below this let me Go to the one hour chart a drop below The last swing low here would confirm Further downside and that would be here At around 14 bear in mind today CPI data Release it will be a very very volatile Um and at the moment this move up that Has occurred since the low to me appears To be very corrective it looks very much Like a three wave move a b c yeah I Can't see five waves yet I can't see Five waves I want to see five waves to Get more clarity and more confidence That a bottom could have been struck for Me the focus is still further to the Downside I just wanted to make this Video to confirm the risk that we still Have in the market in addition to that What you can use to understand if a more Substantial bottom has been made you Just draw a trend line here we've got Three touch points here there's again This
Typically a few ways how you can draw Trend lines but I would maybe put it Like that where you have actually one Two three four touch points at that Level that say we came down in a came up In a straight line would be roughly in The region of 25 that I mentioned the 50 Fibonacci retracement I think really Only when we get back above that level We could be more confident that it has Bottomed Something similar occurred here you had A very similar pattern a so-called Descending broadening wedge out of which We also broke out to the upside yeah Because you can add another trend line Down there and then you get this Descending broadening which typically a Bullish pattern they are rare Solana Apparently likes to do them and again if We get back above that trend line it Would indicate that a more substantial Low has been made okay and that's my Update about Solana I hope you liked the Update if you did please hit the like Button leave a comment and subscribe and If you really like the content then Please check out the channel membership Thanks a lot for watching bye bye Thank you