SUIUSDT | Bull Flag Confirming Uptrend ? 
2024-12-03

Overview
SUIUSDT is currently showing a strong Bull Flag pattern on the daily chart (1D), which often acts as a continuation signal in an uptrend. After a powerful rally, the price is consolidating within a narrow descending channel (highlighted in yellow), preparing for a potential breakout.

 

Key Levels
 
 Support Levels:
 100% Fibonacci (2.2884): Critical support to maintain the uptrend.
 88.6% Fibonacci (2.0758): Secondary support zone if price retraces deeper.
 
 
 Resistance Levels:
 Target for Bull Flag Breakout: 4.5996.
 161.8% Fibonacci (3.4087): Intermediate target on the way to the Bull Flag breakout target.
 200% Fibonacci (4.1043): Another key resistance before reaching the final target.
 
 
 

Bull Flag Setup
 
 Pattern: The current consolidation (highlighted in yellow) forms a textbook Bull Flag.
 Breakout Potential: A breakout above the flag’s upper boundary signals a continuation of the uptrend. Target levels align with Fibonacci extensions, with the ultimate target at 4.5996.
 Volume: Watch for increased buying volume on the breakout to confirm the move.
 
 

Scenario Analysis
 
 Bullish Case:
 If the price breaks the upper trendline of the flag and holds above, the next targets are:
 3.4087 (161.8% Fibonacci) as the first intermediate target.
 4.1043 (200% Fibonacci) as a secondary resistance.
 4.5996 as the projected breakout target.
 
 
 Bearish Case:
 If the price fails to hold above 2.2884, the uptrend may weaken, and a deeper retracement toward 2.0758 could occur.
 

Trading Plan
 Entry: Break and close above the Bull Flag with volume confirmation.
 Stop Loss: Below the lower boundary of the flag or 2.2884 (100% Fib).
 Target 1: 3.4087 (161.8% Fib).
 Target 2: 4.1043 (200% Fib).
 Final Target: 4.5996.
 
📌 Disclaimer: This analysis is for educational purposes only. Always manage your risk and conduct your own research before trading.