SUIUSDT Trading Setup: Order Block Retest with Bullish Continuat
2024-09-05

We’ve identified a compelling trade setup on  BINANCE:SUIUSDT  , showing potential for bullish continuation. After establishing a solid order block around 0.7700, price action suggests an upcoming retest of this zone, which could be followed by a strong upward move.

 Key Levels & Strategy: 

 Entry Point:  The recommended entry lies around 0.7700, a critical order block (OB) zone where demand has previously stepped in. The price has tested this level before, and another successful retest could lead to a bounce upward.

 Stop Loss:  Risk management is crucial to protect your position:
 High Leverage Traders:  Consider placing your stop loss at 0.7606, just below the OB, to safeguard against potential volatility.
 Low Leverage Traders:  Opt for a safer stop loss at 0.7406, allowing more breathing room for the trade to play out.

 Take Profits:  Scale-out profits at the following levels:
TP1: 0.8088, a minor resistance area where traders could lock in initial profits.
TP2: 0.8360, an intermediate target where previous liquidity zones reside.
TP3: 0.9642, a higher target where bulls could aim if momentum sustains.

 Market Sentiment:
 The price action is currently forming higher lows, indicative of underlying bullish strength. Additionally, the potential order block retest around 0.7700 gives us a clear entry point, supported by the upward momentum that could push price towards the upper resistance targets. This setup aligns well with the broader market trend, where buyers seem to be taking control after periods of consolidation.