Hey friends, hope you are well, and welcome to the new update on SushiSwap (SUSHI).
Different support and resistance levels:
Since November 2020 the price action of Sushi was very strong bullish. Finally, Sushi found the resistance at $22.5 and after being rejected to two times by this resistance level it has been dropped to $6 support level. Currently, the priceline is moving between the $6 support and the $10 resistance. After $10 we have resistance at 13.5 dollars then the final resistance is at 22.5 dollars.
The daily SMAs:
On the daily time frame chart, after the drop, the price action has broken down the simple moving averages with the time period of 50,100 and 200. There is also a death cross formed above the price line that is putting more pressure on the price action. The100 simple moving average is also moving down to form a bear cross with 200 SMA. Therefore, we can expect that the price action of Sushi might break down the $6 support level.
Big bullish BAT pattern:
on the weekly time frame chart, the price action is very close to entering the buying zone of a big bullish BAT pattern.
The buying and sell targets as per the Fibonacci sequence of this pattern are:
Buy between: $5.38 to $3.08
Sell between: $10.85 to $19.07
The maximum extent of the potential reversal zone $3.08 can be used as stop loss. As per the above targets, this trade has a huge profit possibility of 500%, and the high loss possibility is 42%. Therefore try to buy it within the potential reversal zone as low as possible.
Conclusion:
There is a little more drop expected as the price action is completing the final leg of the bullish BAT pattern. The daily simple moving averages are also signaling a bit more drop. However, once the bullish harmonic pattern will be completed the price action can turn very strong bullish and can make another attempt to break out that $22.5 and resistance level.
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In order to play and watch the current performance of the chart you need at least a free account on tradingview:
https://www.tradingview.com/gopro/?share_your_love=moon333
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Link for Binance exchange, to trade crypto:
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Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.