ChrisZDC

Bearish. Sushi......Head and shoulder pattern?!

GEMINI:SUSHIUSD   Sushiswap / U.S. Dollar
Hello guys, there might be some bearish tendency on the daily chart for sushi. As you can see, the pattern it is forming looks to me it is a head and shoulder pattern with double shoulders to the left of the head. The first shoulder has already formed on the right, now possibly in the process of making the second shoulder. The red dashed arrow is the head to neckline distance (which extends below 6 dollar support if the price breaks below the neckline). Another scenario is the 6 dollar support line is strong enough, then price might bounce off the 6 dollar support line. The green line on top is also a downtrending line and it forms a downtrending channel with the neck line. Overall bearish chart. There is still some chance that sushi can turn bullish . Now, it isvery close to the green channel line. It can possibly convert into an up-trend if it breaks the green channel line. However, I believe it is more bearish than bullish . Good luck. I am not invested in it.