Hey everyone, after closely monitoring the currency movement on the 15-minute timeframe, there are some signals we need to pay attention to today. I won’t hide it from you, all the technical aspects are almost screaming 'Sell!'. If we focus a bit on the indicators, we will see the following:
First, when you see most moving averages (which we call trend lines) indicating strong sell signals, this is not something we can easily overlook. Almost all averages, whether short or relatively long, are pushing the price downwards. This alone gives us a strong indicator of the overall trend.
Secondly, if we focus on the MACD indicator, we notice the red histogram is growing, which means that selling strength is increasing, and the main lines of the indicator are crossing downwards. This is a clear and explicit signal that sellers are currently in control.
And when we also look at the Bollinger Bands, we find that the price is trading below the middle line and is approaching the lower boundary of the range, which also confirms the selling pressure that is happening. Most importantly, the trading volumes we see with the recent red candles are increasing, which not only confirms the downward trend but also shows that the movement currently has real momentum, not just random movement.
Of course, the Relative Strength Index (RSI) is currently in the neutral zone, but it is heading downwards, which reinforces the idea of selling pressure and that things are still not in favor of buying.
The summary I want to convey to you:
All these combined technical signals give us a very clear picture: SUI is currently in a strong selling position.
However, and this is the most important, always remember that technical analysis alone is not enough. It’s true that these indicators give us an excellent view and help us determine the trend, but we must be smart and observe the price movement directly on the chart. Are there any specific candle patterns forming? Is the price breaking major support levels with significant volume? Or is it rebounding from resistance?
For traders, this information is a treasure. Currently, the price is approaching the first support level (S1) at approximately $3.464, which could be a simple rebound point or a break that leads us to deeper support levels at $3.417. But on the other hand, if there is any rebound, resistance levels like $3.541 and $3.662 could be points for the price to reverse downwards. You could use them to identify the best entry points for quick sell trades, with a stop loss above the nearest resistance and taking profits at support levels...
I wish you successful trading! And always, be cautious and manage your capital wisely.
And remember, my friend, this is just a perspective and not a recommendation 👍🏻
