Howdy everyone!
SUI has been on a tear!
Well, I think that BTC is showing a nice sized reversal before the final parabolic phase of this bull market. I also think that SUI has hit an area of interest, and it is way overbought.
I think that shorting as close to the current 4.236 of this fib sequence at $5.26 is ideal.
Entry - As close to $5.26 as possible. Once we get further confirmations, there will be multiple areas that you can enter a short. I am attempting to catch the reversal here. My take profits are based on catching the reversal.
Take Profit = TP
TP 1: 3.26-3.72
TP 2: 2.85-3.02
TP 3: 1.98-2.50
TP 4: 1.24-1.65
Stop Loss: Above current ATH of $5.36
This depends on how big of a correction that BTC gets. We have a monthly shooting star on BTC, and BTC is showing head and shoulders on multiple timeframes (1D, 2D, etc.)
Thank you and please trade safely!
SUI has been on a tear!
Well, I think that BTC is showing a nice sized reversal before the final parabolic phase of this bull market. I also think that SUI has hit an area of interest, and it is way overbought.
I think that shorting as close to the current 4.236 of this fib sequence at $5.26 is ideal.
Entry - As close to $5.26 as possible. Once we get further confirmations, there will be multiple areas that you can enter a short. I am attempting to catch the reversal here. My take profits are based on catching the reversal.
Take Profit = TP
TP 1: 3.26-3.72
TP 2: 2.85-3.02
TP 3: 1.98-2.50
TP 4: 1.24-1.65
Stop Loss: Above current ATH of $5.36
This depends on how big of a correction that BTC gets. We have a monthly shooting star on BTC, and BTC is showing head and shoulders on multiple timeframes (1D, 2D, etc.)
Thank you and please trade safely!
Trade active
So far so good! That was basically perfect entry for the reversal!Note
We are now bouncing back upward, and if you haven't gotten an entry on this...you may find a good entry on this bounce. Note
I am currently sitting out of SUI - it has luanched its self twice from its big picture trendline, and if we don't get rejected at our current high, $8.00 is on the table. Note
I added back to this short when we visited above 5.13 again, and just now as we broke the big term uptrend and have our first rejection from it. Note
First TP has been hit! Sorry, late on this one!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.