Break down of SUSHI on 1 hour candles

6 日前

Structure and Price Action:

• **Descending Triangle Resistance**:
  The chart shows price facing resistance along the **descending red trendline**, which forms the upper boundary of a **triangle pattern**. Sellers are consistently stepping in at lower highs.
  
  
• **Ascending Support Line**:
  The price is maintaining support along the green upward trendline, creating an **ascending triangle** structure. This suggests a potential breakout if buying pressure sustains.
  
  
• **Key Consolidation Zone**:
  Price is consolidating between **$2.10** and **$2.40**, with clear attempts to break resistance. The consolidation indicates indecision but also a build-up for a larger move.
  
  
• **Retest of Order Blocks**:
  Multiple **bullish order blocks** at $2.10–$2.00 have held as support, reinforcing buyer strength.
  

Support and Resistance:

• **Immediate Resistance**: $2.40 (descending red trendline and prior swing high).
  
• **Key Support Levels**:
  
• $2.10: Primary ascending support line.
  
• $2.00: Strong structural support aligned with bullish order blocks.
  
• $1.80–$1.60: Secondary green support zone below the ascending trendline.
  

Indicators:

Moving Averages (EMA 20/50/100/200):

• Price is above the **EMA 20** ($2.15) and **EMA 50** ($2.16), confirming short-term bullish bias.
  
• The **EMA 100** ($2.08) and **EMA 200** ($2.07) are closely aligned, providing a strong support base if price pulls back.
  

Money Flow Index (MFI):

• MFI is at **60.21**, showing moderate bullish momentum with room for price to move higher before overbought conditions are reached.
  

Stochastic RSI:

• The Stochastic RSI is currently near **overbought territory** (100.00 and 99.89), suggesting a short-term pullback may occur if resistance holds.
  
• However, sustained buying pressure could keep the Stochastic RSI elevated.
  

Volume:

• Volume remains stable but has declined slightly during consolidation, suggesting indecision.
  
• A volume spike on a breakout or breakdown will confirm the next move.
  

Pattern Analysis:

• The **ascending triangle** pattern suggests bullish continuation, provided price breaks above the descending red trendline at $2.40.
  
• Failure to break resistance could lead to a test of lower supports around $2.10 or $2.00.
  

Probabilistic Outlook:

Bullish Breakout (Primary Scenario):

• If price breaks above $2.40 with strong volume, the ascending triangle confirms bullish continuation.
  Key upside targets:
• **First Target**: $2.60–$2.65 (next major resistance zone).
  
• **Second Target**: $2.80–$3.00 (psychological and prior highs).
  

Bearish Breakdown (Alternate Scenario):

• If price loses support at $2.10 and $2.00, bearish momentum could build.
  Key downside targets:
• **First Target**: $1.80 (green support zone).
  
• **Second Target**: $1.60 (historical support and bullish order block).
  

Key Signals to Watch:

• A breakout above $2.40 with rising volume = **Bullish continuation**.
  
• A breakdown below $2.10 = **Bearish reversal confirmation**.
  
• Monitor volume during any breakout or breakdown for validation.
  

Conclusion:
The chart is consolidating within an **ascending triangle**, with price facing resistance at $2.40. The overall structure remains bullish, and a breakout above $2.40 could lead to further upside toward $2.60–$2.80. However, failure to break resistance may result in a pullback toward $2.10 or $2.00 before the next directional move.