SUSHI / TetherUS

SUSHI: Long and Short

224
Summary:

1. SUSHI seems relatively strong in this downturn.
2. Several converging points seem to suggest a Long for SUSHI to the green rectangle.
3. A short can also be placed to hedge with a target to the red rectangle.

Chart: Daily
Scale: Linear
Trading Pair: SUSHI/USDT


Breakdown:

- Price broke above the upper parallel line of the red Pitchfork.

- This retrace came back to retest the upper parallel line of the red Pitchfork.

- A single negative vector extrapolation intersects at the projected reversal point (yellow box) adding confluence to the idea of a reversal to the upside here.

- Price is sitting slightly above an inner frequency line that did not break on this retrace.

- There is sloped (same slope as the pitchfork) inner frequency line in the counter trend pitchfork (green) that also intersects the reversal zone (yellow box).

- Lastly, the Hagopian's Rule seems to be in play as well with the failure of price to reach the center median line in the red Pitchfork.

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