Currently observing SUN/USDT on the 4-hour timeframe with Heikin Ashi candles:
1️⃣ Price Action & Trend
The price remains below the 200-period SMA, currently acting as a dynamic resistance at approximately 0.01677 USDT.
Clear short-term bearish trend structure, with lower highs visible since the recent spike.
The recent price action indicates consolidation, but bearish momentum persists.
2️⃣ Key Levels:
Resistance: Immediate resistance around the 200 SMA (0.01677). Any break above this line could trigger bullish momentum.
Support: Local support established near 0.01615. A breach below could signal further bearish continuation towards 0.01550.
3️⃣ Indicators:
MACD (Ultimate MTF) shows negative momentum with MACD lines below the zero-line, indicating ongoing bearish sentiment.
Histogram bars remain negative, underscoring the bears' control over the current market condition.
📌 Trading Idea:
Short Scenario: If the price rejects clearly from the 200 SMA, consider short positions targeting 0.01615 and potentially 0.01550.
Long Scenario: Wait for a confirmed breakout and retest above the 200 SMA (0.01677) for bullish confirmations, targeting upwards towards 0.01750 initially.
⚠️ Recommendation: Maintain tight stop-losses around key levels, especially given the potential for volatility in the current consolidation phase.
👉 Conclusion: Currently leaning bearish with cautious optimism if resistance at the 200 SMA is overcome. Monitor closely for decisive price action to determine direction.
💬 Let me know your thoughts below! Like & follow for more updates! 🚀📈
1️⃣ Price Action & Trend
The price remains below the 200-period SMA, currently acting as a dynamic resistance at approximately 0.01677 USDT.
Clear short-term bearish trend structure, with lower highs visible since the recent spike.
The recent price action indicates consolidation, but bearish momentum persists.
2️⃣ Key Levels:
Resistance: Immediate resistance around the 200 SMA (0.01677). Any break above this line could trigger bullish momentum.
Support: Local support established near 0.01615. A breach below could signal further bearish continuation towards 0.01550.
3️⃣ Indicators:
MACD (Ultimate MTF) shows negative momentum with MACD lines below the zero-line, indicating ongoing bearish sentiment.
Histogram bars remain negative, underscoring the bears' control over the current market condition.
📌 Trading Idea:
Short Scenario: If the price rejects clearly from the 200 SMA, consider short positions targeting 0.01615 and potentially 0.01550.
Long Scenario: Wait for a confirmed breakout and retest above the 200 SMA (0.01677) for bullish confirmations, targeting upwards towards 0.01750 initially.
⚠️ Recommendation: Maintain tight stop-losses around key levels, especially given the potential for volatility in the current consolidation phase.
👉 Conclusion: Currently leaning bearish with cautious optimism if resistance at the 200 SMA is overcome. Monitor closely for decisive price action to determine direction.
💬 Let me know your thoughts below! Like & follow for more updates! 🚀📈
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.
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.