On the SOONUSDT 12H chart, price has either completed wave C or is close to finishing it, according to the red pattern on the chart. This signals a potential transition from bullish accumulation to a distribution phase, which could temporarily push price lower.
Distribution Phase & Trendline Risk 🚨
The ongoing distribution phase could lead price to retest the highlighted bullish trendline. If this trendline is broken, lower support zones may come into play, potentially completing wave D.
Traders aiming to sell or short SOON should focus on the two highlighted technical zones. These areas serve as triggers for opening positions and managing risk effectively.
Key Trading Considerations 🪧
Monitor trendline interactions and price reactions in highlighted zones
Look for candlestick patterns or volume spikes as confirmation
Plan positions carefully, as breaking lower supports could accelerate the downward move
