SUI TRADE IDEA
SUI has performed remarkably this Bullrun and it doesn't look to be slowing down. This is just some thoughts on the low timeframe:
Bullish scenario -
A retest of the green zone which is a clear bullish orderblock and the last local high would be an ideal place to get into a Long to then fill the wick up to local high. The general rule of thumb is that wicks get filled and this move would be a near 20% with good R:R. A poor reaction/ no reaction in the green zone would void the trade idea and the Daily support is the next area of interest.
Bearish scenario -
A SFP once the wick gets filled would be a potential bearish trigger with the midpoint and green zone providing areas for the bulls to fight back. SUI is very overbought on the higher timeframes so a larger cool down could be triggered by this pattern playing out. I do also think BTC would have to pullback in order to drag SUI down with it as SUI is just so strong at the moment.
So far a strong start from the US market with the first meaningful day back since the holidays providing strong volume and a bullish bias.
Bullish scenario -
A retest of the green zone which is a clear bullish orderblock and the last local high would be an ideal place to get into a Long to then fill the wick up to local high. The general rule of thumb is that wicks get filled and this move would be a near 20% with good R:R. A poor reaction/ no reaction in the green zone would void the trade idea and the Daily support is the next area of interest.
Bearish scenario -
A SFP once the wick gets filled would be a potential bearish trigger with the midpoint and green zone providing areas for the bulls to fight back. SUI is very overbought on the higher timeframes so a larger cool down could be triggered by this pattern playing out. I do also think BTC would have to pullback in order to drag SUI down with it as SUI is just so strong at the moment.
So far a strong start from the US market with the first meaningful day back since the holidays providing strong volume and a bullish bias.
Note
Green zone tagged
Bullish reaction from that area
Target 1 is Midpoint
Target 2 is wick high
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