Red path is slightly more bearish first, but overall I can see $1.20 soon on SUI/USD.
The down trend has been broken on daily chart and currently retesting the trendline. But sometimes it’s faking out long, going a little more down than just retesting the trendline to make long traders insecure and to then turn up again and do the real breakout long - call it a shakeout.
I think in the down case, around $0.65 can be a good first long entry and second long entry just around $0.60.
In the bullish case, it is already now a good long entry around $0.68-$0.69.
I am always using tight stops, in case case I am already long from just under $0.68 with a stoploss at current lows.
I am constantly checking price action to reassess my analysis. These are my current thoughts.
I might lose a little due to stoplosses, but if the overall long works, it will make up for eventual losses. If it breaks and stays under $0.60, my analysis was wrong and I will move on :)
The down trend has been broken on daily chart and currently retesting the trendline. But sometimes it’s faking out long, going a little more down than just retesting the trendline to make long traders insecure and to then turn up again and do the real breakout long - call it a shakeout.
I think in the down case, around $0.65 can be a good first long entry and second long entry just around $0.60.
In the bullish case, it is already now a good long entry around $0.68-$0.69.
I am always using tight stops, in case case I am already long from just under $0.68 with a stoploss at current lows.
I am constantly checking price action to reassess my analysis. These are my current thoughts.
I might lose a little due to stoplosses, but if the overall long works, it will make up for eventual losses. If it breaks and stays under $0.60, my analysis was wrong and I will move on :)
