Hello traders 🐺
as usual let's start with the weekly chart :
in the weekly time frame you can see SUSHI created W pattern also you can call this as a triangle pattern , but usually I prefer to use weekly time frame for measure the price target and use daily time frame for find a place for opening long or short order ; but let's talk about the technical target of this pattern :
1_ if I draw the Fibonacci retracement you can see after SUSHI hit the all time high price start to retracement to the 0.786 Fibonacci retracement support level so the first method the measure the target of this pattern is using AB=CD pattern like below picture :
2_ you can also use the W pattern for measuring the price target :
as you can see the technical target of the W pattern is show the all time high price but for reaching the target , SUSHI first need to break above the 0.618 Fibonacci level which is also the weekly resistance structure ( red box )
let's look at the daily time frame :
in the daily time frame price break above the daily support structure ( blue box ) and also the ema ribbon and now trying to retest it as new support ; it's very important for the SUSHI price to hold above the daily support structure and also the triangle upward trend line which is also the weekly support trend line . before open any long position wait for the clear break out from the triangle pattern with the good volume .
🐺I hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for reading my ideas🐺
as usual let's start with the weekly chart :
in the weekly time frame you can see SUSHI created W pattern also you can call this as a triangle pattern , but usually I prefer to use weekly time frame for measure the price target and use daily time frame for find a place for opening long or short order ; but let's talk about the technical target of this pattern :
1_ if I draw the Fibonacci retracement you can see after SUSHI hit the all time high price start to retracement to the 0.786 Fibonacci retracement support level so the first method the measure the target of this pattern is using AB=CD pattern like below picture :
2_ you can also use the W pattern for measuring the price target :
as you can see the technical target of the W pattern is show the all time high price but for reaching the target , SUSHI first need to break above the 0.618 Fibonacci level which is also the weekly resistance structure ( red box )
let's look at the daily time frame :
in the daily time frame price break above the daily support structure ( blue box ) and also the ema ribbon and now trying to retest it as new support ; it's very important for the SUSHI price to hold above the daily support structure and also the triangle upward trend line which is also the weekly support trend line . before open any long position wait for the clear break out from the triangle pattern with the good volume .
🐺I hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for reading my ideas🐺