Coin Name: $S
Position: Short
Entry Price: 0.5663
On the 4-hour timeframe, SONIC is forming a bearish Head and Shoulders pattern, indicating potential downside pressure. The RSI is currently holding within the supply zone—typically a strong seller’s territory. A potential reversal could occur around the 0.5–0.618 Fibonacci retracement levels, aligning with key resistance and the pattern's neckline.
On the 4-hour timeframe, USDT.D is forming a descending channel. The RSI is currently holding within a demand zone and is showing signs of bullish divergence, suggesting a potential short-term move to the upside—likely to retest the upper trendline of the channel. However, I expect this move to be temporary, followed by another leg down. It's important to note that when USDT.D rises, it typically signals weakness in the broader crypto market, while a decline in USDT.D is generally bullish for crypto assets.
On the weekly timeframe, SONIC shows significant liquidity buildup on both the upside and downside. It’s likely that the price will first move upward to sweep the liquidity above before reversing to target the liquidity resting below. This could indicate a classic liquidity grab scenario playing out on both ends.
Leverage: 3X
Targets:
1st TP 0.5250
2nd TP 0.4900
3rd TP 0.4500
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$S