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SOL's sitting at a critical decision point right now. Currently trading around 85, but I'm watching the 80.637-81.186 zone closely. If we get a proper confirmation touch down there, that's my entry for a short setup.
Here's why I'm looking at this: The daily trend is clearly bearish, which gives me confidence in the bias. The key is that the 4-hour timeframe (tf) needs to confirm at those lower levels first before I pull the trigger. Once that confirmation happens on the tf I'm using, my first target is 79.262 - that should act as a magnet pull.
The thing is, lower timeframe RSI isn't in extreme oversold territory yet, so there's still room for this move to develop properly. I'm not rushing in.
The real question for me: does SOL reclaim above 91.474? If it does, that breaks my entire thesis and I'm out. Otherwise, I'm looking at 79.262 first, then potentially lower to 78.713 and 77.613.
What's your take on this setup? You playing this bounce or waiting for more confirmation?