SUI hints at a local growth wave - long trade #2Hello colleagues!
It's time for the second potential trade that we are planning to implement. This is a long on the cryptocurrency SUI.
Unfortunately, we did not manage to execute the first trade , as the price of BTC started to fall sharply without us.
On 17 August, the SUI cryptocurrency updated its local low. The update of the local low occurred on increased volumes. The latest wave of decline in SUI has "resurrected" buyers, who have organised a good rebound to the $0.56 range.
We would like to pay special attention to the local wave of decline from 20 to 22 August. This wave of decline was on good volumes. However, sellers were unable to push the price below the previous local low of 10 June.
This is a good signal that a large buyer is ready to keep the price of SUI up at least in the short term. Another good signal is the active rebound of the SUI price after the $0.51 test.
Taking these arguments into account, we want to enter a long trade for SUI:
Enter = 0.5204 - this is the range where the position was entered. If the price is to rise, it should not fall below this range.
Stop = 0.5039 (-3.2%) - in our opinion, it makes no sense to keep SUI below this level
TP = 0.612 (+ 17.6%) - The price of SUI may not rise above this liquid zone at first.
P/L ratio = 5.5
We also allocate $10,000 for this trade . In case of a mistake, our loss will be $320, and in case of trade execution, our profit will be $1760.
What do you think of this trade? How do you see the situation with SUI? Write in the comments below our forecast
