Falling Wedge Pattern Like in a Textbook
I don't know about you, but I see a clear falling wedge here. I'm sure you are looking for information on whether SUN will fall further, and I think I have an answer, at least one that I plan to believe.
Positive Background:
- SUN is still an important part of the TRON ecosystem and is actively supported by the CEO. It's not exactly a meme coin made by a high school kid in a basement.
- Volume has increased dramatically in recent months, just to understand the long-term trend - and it's dipping for now, which is part of the pattern I'm talking about below.
- New product launches like SunPump, which will no doubt keep interest in this coin going forward.
Negative Background:
- The U.S. market has seen better days and may just collapse in the next six months, wiping out the economies of half the world. But I think in this case it won't really matter whether you keep your deposit or not.
- The price is typically completely copying bitcoin in consolidation zones, and bitcoin as you know is preparing for its last disembarkation of passengers before flying to 250k, which will mean an imminent terrible drawdown.
What pattern we have:
Look at the chart, it looks like a falling wedge! So far the pattern is going textbook and there is no point in us resisting it. Including, look at the Fibonacci retracement and how much it affects the key levels. Separately, we can talk about the EMA 100 line, which is only essentially where price is stuck. As I see it, we will continue to see falling volume, further movement in the channel with 2-3 serious fails to break out. The EMA 200 will continue to move and when it meets the price it will probably push back and that will be the signal for the algorithms to go long. This will be just at the end of the wedge.
What I'm going to do:
I was one of the unlucky ones who took a long at the very peak, and all the while I'm trying to hedge to save my money. Unfortunately, the last drawdown took me to a bottom that I'm not sure I'm going to get out of. But at least I will share my view on this situation. I was still able to save some stuff, so I will count on this pattern to play out, which in this case will bring me back to the kings.
Tell me what you think about this situation, I'd love to hear any opinions.
Positive Background:
- SUN is still an important part of the TRON ecosystem and is actively supported by the CEO. It's not exactly a meme coin made by a high school kid in a basement.
- Volume has increased dramatically in recent months, just to understand the long-term trend - and it's dipping for now, which is part of the pattern I'm talking about below.
- New product launches like SunPump, which will no doubt keep interest in this coin going forward.
Negative Background:
- The U.S. market has seen better days and may just collapse in the next six months, wiping out the economies of half the world. But I think in this case it won't really matter whether you keep your deposit or not.
- The price is typically completely copying bitcoin in consolidation zones, and bitcoin as you know is preparing for its last disembarkation of passengers before flying to 250k, which will mean an imminent terrible drawdown.
What pattern we have:
Look at the chart, it looks like a falling wedge! So far the pattern is going textbook and there is no point in us resisting it. Including, look at the Fibonacci retracement and how much it affects the key levels. Separately, we can talk about the EMA 100 line, which is only essentially where price is stuck. As I see it, we will continue to see falling volume, further movement in the channel with 2-3 serious fails to break out. The EMA 200 will continue to move and when it meets the price it will probably push back and that will be the signal for the algorithms to go long. This will be just at the end of the wedge.
What I'm going to do:
I was one of the unlucky ones who took a long at the very peak, and all the while I'm trying to hedge to save my money. Unfortunately, the last drawdown took me to a bottom that I'm not sure I'm going to get out of. But at least I will share my view on this situation. I was still able to save some stuff, so I will count on this pattern to play out, which in this case will bring me back to the kings.
Tell me what you think about this situation, I'd love to hear any opinions.
Nota
Adjusted the wedge a bit, the pattern is still developing according to the global scenario. There will be no fall according to the above mentioned factors, but growth is definitely expected....
Aviso legal
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