Hello, Binance community! Today we dive into the technical analysis of SUI/USDT on the 1-hour chart, looking for opportunities to capitalize on market movements.

We observe a well-defined upward trend, marked by a series of higher highs and higher lows. After a "Break of Structure" (BOS) that confirmed the continuation of this trend, the price experienced a natural retracement.

It is crucial to highlight the presence of a bullish order block (OB) just above the equilibrium level (Equilibrium - EQ). This order block acted as a magnet, attracting price towards it after the mentioned retracement. The price reaction upon touching this OB was an indecision candle, immediately followed by a bullish candle with significant volume, suggesting strong buying pressure entering the market.

Currently, the price is testing a "Weak High". The designation of "weak" implies that this high was created without particularly strong driving force and is therefore more susceptible to being broken.

Potential Scenario and Strategy:

Based on price action and key indicators, the most likely scenario is the breakout of the "Weak High". The strong bullish reaction from the order block and the volume accompanying the movement suggest that buyers are in control.

Trading Strategy (Considering Risks):

* Entry: A possible entry could be considered after confirmation of the breakout of the "Weak High", ideally with a one-hour candle closing above this level with decent volume. Another, more conservative option would be to wait for a small retracement post-breakout to seek an entry at a newly created support level.

* Profit Target (TP): The next significant resistance level, marked on the chart as a stronger "High" at $3.4077, would be a logical primary target. Partial targets could be considered before this level, depending on risk tolerance and volatility.

* Stop Loss (SL): A stop loss adjusted below the bullish order block would provide reasonable protection in case the bullish thesis does not materialize. A level slightly below the minimum of the bullish candle with volume could also be considered, depending on the aggressiveness of the strategy.

* Volatility: Cryptocurrencies are inherently volatile. It is essential to use proper risk management and not invest more than you can afford to lose.

* Confirmation: It is always wise to seek additional confirmations from other indicators or time frames before making a trading decision.

* Market Sentiment: Staying informed about the general sentiment in the cryptocurrency market and news related to SUI can provide valuable insights.

Disclaimer:

This analysis is based on the information from the provided chart and represents a possible interpretation of price movement. Trading cryptocurrencies involves significant risks and no profit is guaranteed. Conduct your own research and analysis before making any investment decisions.

Binance community, I invite you to share your own perspectives and analysis in the comments! Do you see the same potential in SUI/USDT? What strategies are you considering? An informed debate always enriches our collective knowledge!

Stay alert and trade wisely!