đ˘SUI/USDT (1H) Trading Signal:
đ Chart Pattern:
⢠Down Channel: The price has been trending downward in a channel, but it is approaching the support area, where a potential reversal is expected.
đ Support & Resistance:
⢠Support: $1.6944
⢠Resistance Levels:
⢠$1.8003: Immediate resistance after the channel breakout
⢠$1.8628: Next resistance if momentum continues upward
⢠$1.9360: Key resistance level where price may consolidate or reverse
đ Technical Indicators:
⢠RSI: Currently at 52.25, showing an upward trend from the oversold zone, signaling a potential bullish reversal. However, it is still below 60, so upward momentum is gaining but not strong yet.
⢠Breakout: A potential breakout of the down channel is indicated on the chart, with a projected bullish move to higher price targets.
đ Trade Setup:
⢠Entry Point: Consider entering near the support area around $1.75 if confirmed by bullish price action or breakout from the down channel.
⢠Take Profit (TP):
⢠TP1: $1.800
⢠TP2: $1.862
⢠TP3: $1.936
⢠Stop Loss (SL): Place a stop loss below the support level around $1.694 to minimize downside risk.
â ď¸ Risk Management:
⢠Risk/Reward Ratio: Aim for a favorable risk/reward of 1:2 or better, ensuring that the potential upside justifies the risk taken.
đ Time Frame: Short to medium term (1-3 days).
đĽ Conclusion: The price is currently consolidating near the support area. A bullish breakout above the channel is likely, and the price may head toward higher resistance levels if momentum continues.
Disclaimer:
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