SUSHIUSDT new bear leg is coming?

SUSHIUSDT appears to have formed an "M" pattern, which is often considered a bearish reversal pattern. In this pattern, there are two peaks, forming the letter "M," with a neckline connecting the two troughs.

As per Plancton's trading principles, a potential bearish scenario could be as follows:

Neckline Test: The price has tested the neckline, which is around the $0.6 area. This is not only a technical level but also a psychological one, as you mentioned. A breach below this level could be a significant signal.

Break of Support: If the price manages to break below the $0.580 support level, it could indicate a shift in market sentiment towards the bearish side. Breaking this support level is often seen as a confirmation of the bearish pattern.

Price Target: The next potential target, as per your description and Plancton's rules, could be around $0.54. This is often calculated by measuring the height of the M pattern from the neckline to the highest peak and then projecting it downward from the breakout point. In this case, it suggests a potential move to the downside.
–––––
Follow the Shrimp 🦐

Keep in mind.

• 🟣 Purple structure -> Monthly structure.
  
• 🔴 Red structure -> Weekly structure.
  
• 🔵 Blue structure -> Daily structure.
  
• 🟡 Yellow structure -> 4h structure.
  
• ⚫️ Black structure -> <= 1h structure.
  

Follow the Shrimp 🦐