Timechain Coder
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$SUI - General Outlook After Trump Pump
After breaking the weekly uptrend, it has been continuing its downtrend for 1.5 months. The green box is an important support level on HTF. Considering that price is currently below the Daily EMA200, this support becomes critical.
In order to talk about a bullish reversal, it needs to break the downtrend resistance (red solid line) and close daily above the red box, i.e. 3.22 and make a Higher High (HH) / CHoCH on the internal structure.
There is also positive divergence on the daily RSI, but it needs to make this resistance breakout that I mentioned in order for it to work. If sideways continue here, contraction in the triangular area could could cause a death cross and bring a voluminous breakout downwards. If the green box support lost, declines below 2.0 may deepen.
After breaking the weekly uptrend, it has been continuing its downtrend for 1.5 months. The green box is an important support level on HTF. Considering that price is currently below the Daily EMA200, this support becomes critical.
In order to talk about a bullish reversal, it needs to break the downtrend resistance (red solid line) and close daily above the red box, i.e. 3.22 and make a Higher High (HH) / CHoCH on the internal structure.
There is also positive divergence on the daily RSI, but it needs to make this resistance breakout that I mentioned in order for it to work. If sideways continue here, contraction in the triangular area could could cause a death cross and bring a voluminous breakout downwards. If the green box support lost, declines below 2.0 may deepen.
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