SUIشراء
BUY
I sold my SUI last week because the daily MACD had been forming a very clear negative divergence. It is my profit taking rule - sell some when clear negative divergence appears in the 4H or daily. I followed my rule, but I ended up buying back yesterday.
I usually rely on the interaction between MACD and Stochastics to gauge the strength/weakness of the price move. Both indicators were clearly showing the downward move. However, RSI was stubbornly refusing to go below 50 level and RSI slow MA (Orange line) stayed horizontal and eventually started to tilt up. I started to look at the price action in the lower high frames and I could see the price was refusing to move below the bottom parallel channel.
My general bias for SUI is extremely bullish. Both fundamentals and technical set up support its long term upside move. The price may be choppy around $4.95 zone (the previous month high/previous week mid) and the price may retraced when it reaches the resistance area, but there are many layers of buy blocks sitting below. It is also good the 4 hour candle moved above and is now departing from EMA 21. The 4H MACD hasn't entered the bull zone, however, MACD lines are getting wider and wider apart as it approaches the bull zone, therefore, even though it is not confirmed MACD is in the bull zone, the probability for it to eventually enter the bull is high.
There are enough signs for bullishness. I am regretting that I sold my SUI. I followed my rule but I feel it was an unnecessary move especially I wasn't trading. That massive negative divergence in the daily chart shook my nerves! Now I bought back SUI and I plan to ride it during this Bitcoin cycle.
I usually rely on the interaction between MACD and Stochastics to gauge the strength/weakness of the price move. Both indicators were clearly showing the downward move. However, RSI was stubbornly refusing to go below 50 level and RSI slow MA (Orange line) stayed horizontal and eventually started to tilt up. I started to look at the price action in the lower high frames and I could see the price was refusing to move below the bottom parallel channel.
My general bias for SUI is extremely bullish. Both fundamentals and technical set up support its long term upside move. The price may be choppy around $4.95 zone (the previous month high/previous week mid) and the price may retraced when it reaches the resistance area, but there are many layers of buy blocks sitting below. It is also good the 4 hour candle moved above and is now departing from EMA 21. The 4H MACD hasn't entered the bull zone, however, MACD lines are getting wider and wider apart as it approaches the bull zone, therefore, even though it is not confirmed MACD is in the bull zone, the probability for it to eventually enter the bull is high.
There are enough signs for bullishness. I am regretting that I sold my SUI. I followed my rule but I feel it was an unnecessary move especially I wasn't trading. That massive negative divergence in the daily chart shook my nerves! Now I bought back SUI and I plan to ride it during this Bitcoin cycle.
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