Sushiswap on buywatch
This is the first TA that I’ve ever shared with a group, so please take this with a grain of salt. I would like input from some of the more seasoned TA focused traders.
I would first like to state that I do not currently own any sushiswap, but looking for an opening to HODL for the rest of this bull run, and decided to share my TA with this group.
From the chart below: Sushi has made the classic cup and handle pattern, which is a bullish pattern.
The classic pattern requires a minimum of 7 weeks with a handle greater than 1 week, and a cup depth of 35% or greater (less than that and we would need to consider saucer pattern). The below chart has a cup that is roughly 9 weeks and a handle of 2 weeks, as well as
The handle has typical indicators on how bullish or bearish the cup and handle pattern. Normally the deeper the handle the more bearish the outcome. 30% would be a deep or bearish handle.
What to wait and watch for: in the next few days (maybe Saturday or Sunday night pump), Sushi will come up to match the top of the cup at roughly $14.80, and then be confirmed (or denied) by volume increase (we are actually seeing the volume decrease over the last couple days, which is bearish). Should the pattern be confirmed I expect Sushi to tap the $22 target (minor resistance at $18), and then come back down to the confirm $18 as support before moving higher.
Extra indicators: MACD on the daily has crossed (or will tomorrow as shown on the chart) which is a bullish indicator giving the indicator that this pattern will be confirmed.
targets: Target 1 ~$18; Target 2: ~$22.50.
Please let me know if you have any questions.
THIS IS NOT FINANCIAL ADVICE.
I would first like to state that I do not currently own any sushiswap, but looking for an opening to HODL for the rest of this bull run, and decided to share my TA with this group.
From the chart below: Sushi has made the classic cup and handle pattern, which is a bullish pattern.
The classic pattern requires a minimum of 7 weeks with a handle greater than 1 week, and a cup depth of 35% or greater (less than that and we would need to consider saucer pattern). The below chart has a cup that is roughly 9 weeks and a handle of 2 weeks, as well as
The handle has typical indicators on how bullish or bearish the cup and handle pattern. Normally the deeper the handle the more bearish the outcome. 30% would be a deep or bearish handle.
What to wait and watch for: in the next few days (maybe Saturday or Sunday night pump), Sushi will come up to match the top of the cup at roughly $14.80, and then be confirmed (or denied) by volume increase (we are actually seeing the volume decrease over the last couple days, which is bearish). Should the pattern be confirmed I expect Sushi to tap the $22 target (minor resistance at $18), and then come back down to the confirm $18 as support before moving higher.
Extra indicators: MACD on the daily has crossed (or will tomorrow as shown on the chart) which is a bullish indicator giving the indicator that this pattern will be confirmed.
targets: Target 1 ~$18; Target 2: ~$22.50.
Please let me know if you have any questions.
THIS IS NOT FINANCIAL ADVICE.
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