SUSHI USDT
Trend: The chart shows a potential descending triangle or wedge pattern, with a breakout nearing the apex. SUSHI appears to be testing the upper boundary of the downtrend.
Support and Resistance:
Support: Around $0.52 (bottom boundary of the triangle and recent lows).
Resistance: Around $0.63 (the trendline acting as resistance for the breakout).
Indicators: The volume is slightly increasing as the price nears a breakout, which suggests a higher probability of a significant move once the resistance is broken.
Trading Strategy
Buy Position (on breakout)
Entry Point: $0.63 (upon confirmed breakout above the resistance line).
Stop-Loss (SL): $0.52 (below the recent low and triangle support to manage downside risk).
Take-Profit (TP):
First Target: $0.77 (first resistance after breakout).
Second Target: $1.22 (further upside if the trend reversal strengthens).
Risk Management
Position Size: As always, ensure your position size aligns with your risk tolerance and capital.
Adjustments: If SUSHI breaks below the support of $0.52, it would be prudent to reconsider the position as it could indicate a continued downtrend.
Support and Resistance:
Support: Around $0.52 (bottom boundary of the triangle and recent lows).
Resistance: Around $0.63 (the trendline acting as resistance for the breakout).
Indicators: The volume is slightly increasing as the price nears a breakout, which suggests a higher probability of a significant move once the resistance is broken.
Trading Strategy
Buy Position (on breakout)
Entry Point: $0.63 (upon confirmed breakout above the resistance line).
Stop-Loss (SL): $0.52 (below the recent low and triangle support to manage downside risk).
Take-Profit (TP):
First Target: $0.77 (first resistance after breakout).
Second Target: $1.22 (further upside if the trend reversal strengthens).
Risk Management
Position Size: As always, ensure your position size aligns with your risk tolerance and capital.
Adjustments: If SUSHI breaks below the support of $0.52, it would be prudent to reconsider the position as it could indicate a continued downtrend.
Join my free Telegram Channel t.me/alucardscrypto
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.