SUKUUSD 12/6/2024
SUKUUSD Daily Chart Analysis
• Previous Price Action:
o A significant top for SUKUUSD was established in April 2024.
o Following the top, the price tumbled through August 2024 before finding a bottom.
o From August to November 2024, the price moved sideways, signaling a potential accumulation phase.
• Breakout Confirmation:
o The accumulation phase was confirmed with an upward breakout accompanied by a spike in volume and momentum.
o In late November 2024, the price formed a bull flag pattern.
o The bull flag breakout has been confirmed, with several daily closes above the flag's top, solidifying the bullish trend.
• Momentum Indicators:
o The MACD is firmly in bullish territory, supporting continued upward momentum.
o The price is consistently supported by the 10 EMA, indicating a strong bullish trend.
• Broader Market Context:
o With BTC making strides toward new all-time highs, SUKUUSD's bullish setup is further reinforced, making this trade even more favorable.
Trade Setup (Long):
• Entry: 0.1139
• Stop Loss: 0.0883 (-22.48%)
• Target #1: 0.1918 (+68.39%, 3.04 RR ratio)
• Target #2: 0.2679 (+135.21%, 6.02 RR ratio)
This trade capitalizes on SUKUUSD's confirmed accumulation breakout, strong technical indicators, and a favorable macro context with BTC leading the crypto market higher.
• Previous Price Action:
o A significant top for SUKUUSD was established in April 2024.
o Following the top, the price tumbled through August 2024 before finding a bottom.
o From August to November 2024, the price moved sideways, signaling a potential accumulation phase.
• Breakout Confirmation:
o The accumulation phase was confirmed with an upward breakout accompanied by a spike in volume and momentum.
o In late November 2024, the price formed a bull flag pattern.
o The bull flag breakout has been confirmed, with several daily closes above the flag's top, solidifying the bullish trend.
• Momentum Indicators:
o The MACD is firmly in bullish territory, supporting continued upward momentum.
o The price is consistently supported by the 10 EMA, indicating a strong bullish trend.
• Broader Market Context:
o With BTC making strides toward new all-time highs, SUKUUSD's bullish setup is further reinforced, making this trade even more favorable.
Trade Setup (Long):
• Entry: 0.1139
• Stop Loss: 0.0883 (-22.48%)
• Target #1: 0.1918 (+68.39%, 3.04 RR ratio)
• Target #2: 0.2679 (+135.21%, 6.02 RR ratio)
This trade capitalizes on SUKUUSD's confirmed accumulation breakout, strong technical indicators, and a favorable macro context with BTC leading the crypto market higher.
Trade closed: stop reached
Stop Loss: 0.0883 (-22.48%)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.