Very bearish - waiting for re-entry

Sui price action is very bearish. I am waiting for an opportunity to re-enter.

Weekly:

The price broke below the ascending support line. The current weekly candle hasn't completed yet, but a Friday daily candle broke and closed below the support line.

RSI and Stochastic have moved to the bear zone.

MACD lines have crossed to the downside and are starting to move to the bear zone.

Daily:

All momentum indicators are in the bear zone.


My plan:

There is a large unmitigated fair value gap in the $1.1-15 zone (blue rectangular box in the weekly chart).

If the price does not recover from $2.5 (Fib 0.618), it is likely to drop to 0.786 level and it is where FVG sits.


0.786 often works as the last line of defence. It the price doesn't recover from there, I won't be buying SUI.