SUSHI / USD - On the road to $6
SUSHI has been a very strong performer since early November. We touched $5 and went lower to the support zones, but today we recovered the losses from yesterday entirely! Today's daily candle is a bullish engulfing one (meaning it's size covers and exceeds the body of the previous red candle), which is very bullish!
Looking at the structure we are forming, I see a wedge which still has some fuel left to take us to $6 before a meaningful correction can take place. Therefore, I would be very cautious about buying SUSHI around $6 since at that level we have some important resistance. Only a clean break up of the wedge could give us enough confidence that we can pass $6 without concerns.
The indicators are also looking good right now, showing momentum for SUSHI remains intact. However if a bearish divergence forms on the RSI at around 6$ this will probably spell that a significant correction is due.
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Looking at the structure we are forming, I see a wedge which still has some fuel left to take us to $6 before a meaningful correction can take place. Therefore, I would be very cautious about buying SUSHI around $6 since at that level we have some important resistance. Only a clean break up of the wedge could give us enough confidence that we can pass $6 without concerns.
The indicators are also looking good right now, showing momentum for SUSHI remains intact. However if a bearish divergence forms on the RSI at around 6$ this will probably spell that a significant correction is due.
Like and follow if you liked this idea!
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