In this post, we'll focus on the head and shoulders pattern formed on the price movement of BINANCE:SUIUSDT. By the time of this writing, the price is currently hitting the neckline of the pattern. I'll also provide my charting for the coin as well as target areas in my full technical analysis on this idea thread below. Stay tuned and happy trading!
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Close look on the pattern.
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Currently plotting the possible resistance lines for SUI breakdown. First, is this logarithmic diagonal month-long trendline, which would be the strongest resistance line from an intraday perspective.
In addition, I also plot some Fibonacci lines from swing high to low on a monthly range. And, currently the price would look to hit the 0.382 FIB line. If the monthly trendline is set for a breakdown again, I would label the 0.5 FIB to be the priceline to watch.
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Currently, I'm waiting for the price for either a bounce moves going down or eventually settling past the neckline.
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The price for SUI had a breakdown past our plotted 0.382 fib area and trying to re-enter on the monthly trendline. In my view, this could bounce and possibly identify the trendline as a new resistance line for SUI. I'm currently priced in with the coin. I placed my SL for my short trade past the head and shoulder neckline.
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Hi, update on the current SUI trade as I've mentioned I'm shorting the coin. Apparently, my target area of the 0.382 Fib or $1.6083 did not hit so, I used support identification and label $1.6167 as the current target area. I also label the month-long trendline for added trendline to consider. As SUI price appears to breakout on the plotted diagonal resistance. I'm monitoring for a protective stop on the trade if it breaks out AND confirms retesting the neckline.
All summary of my whole charting for SUI is here below :) Happy trading!
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Update on the price movement for SUI: - In support on the last image, it had a mini breakout on the past resistance line only to reject on the head and shoulder neckline, posing now as an old support acting as the resistance line for SUI. Hence, I adjusted the current resistance line. -In my view, this coin is moving sideways inside this apex for a couple of hours, so I'll wait and see to make decisions on my current trading position.
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Congratulations to all those who trade SUI. Took profit on the first target and onto the next which is at $1.5271.
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To add, I also adjusted my stop area above the previous target trendline :)
Trade closed: stop reached
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The price had reached our stop profit area above 1.6167.
Nice man. I screwed up in 1.76 meanwhile being absolutely sure that this is “head and shoulders”. Started paranoid going
Cotere
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@Daedr8 Did you do your own TA or looked at other post? Saw a post to enter at 1.76, glad i didn't pull the trigger as i was unsure myself too.
Daedr8
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@Cotere No, it was my own mistake. I thought we went up because 1.76 is above the neck fracture point at any degree of observation from the bottom of the shoulders. Although even a blind person will see that it is 100% head and shoulders. I should have just waited.
Crypticminds
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Thank you very insightful as I am learning to short