Oh no, $SUI is "bleeding" again, Queenchart friends! 🩸
The price dropped from the peak $1.47 to $1.34 in an instant. Before you panic sell or just randomly fomo buy, let's first look at the price structure to stay sane! 🧠
📉 Market Structure Breakdown (Price Action):
Check the 4 Hour (4H) & 1 Hour (1H) chart. The trend is Very Bearish.
The price has just broken through the consolidation area and created a new Lower Low. The market structure shows no signs of reversal yet, so don’t try to fight the trend (catching a falling knife) just yet!
🎯 Crucial Level (Must Monitor):
1️⃣ Next Major Support (Catch Area): $1.3000 - $1.3050
On the 4H chart, there was a previous Swing Low at $1.3038.
👉 Scenario: If the price slides here, watch its reaction. This is the last defense line for bulls before a potential deeper drop to $1.20.
2️⃣ Resistance (New Ceiling): $1.3800 - $1.4000
This area was previously a floor, now it has broken through to become a ceiling (Supply Zone).
👉 Be careful: If the price rises slightly here, there is a high possibility that it is just a "Short Breath" (Dead Cat Bounce) before continuing down.
💡 Trading Plan Queen:
Relaxed Mode: Don't enter Long halfway ($1.34). The risk is not worth it! Be patient and wait for the price to pick you up at $1.30xx.
Confirmation: In the area of $1.30, look for a reversal pattern (Pinbar/Engulfing) on the 15m timeframe. If there's none? Skip.
Short Option: It's actually more interesting to look for a Short position if the price rises but weak (reject) in the area of $1.38.
⚠️ RSI Note: The RSI indicator on 4H & 1H is very low (Oversold). There usually will be a small bounce, but remember: Trend > Indicator. The downtrend is still king.
Are you on Team Wait at $1.30 or Team Short Now? Leave your comments below! 👇
