SUI: Moving Above/Below Resistance/Support

17 oct.

Remember those bullish charts I show you? A support level is challenged and breaks down. There is some action below support and then immediately we see a recovery. When the action moves back above support, this is super bullish.

Here we have the same scenario but in reverse.

SUIUSDT challenged and conquered the March 2024 resistance line. It moved above resistance but quickly moved back below it. When the action moves back below resistance, this is super bearish. So we are left we are bearish chart.

The resistance on this chart is marked with a purple line.

Trading volume works as confirmation for this bearish signal as well as marketwide action.

Thank you for reading.

Namaste.