Market & Ticker: SUSHISWAP - SUSHI/USDT
Date: 03/02/2023
Horizon / Timing: Mid-term / 1 to 3 months
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SUSHI is forming a double bottom pattern calling for bullish reversal, the potential of the double bottom is set at 5,10 while the confirmation level is set at 2,35 corresponding the short-term upside potential ongoing
Scenario:
At the current level, we expect a further bullish move toward 2,35 in extensions (+50%) before a further extension towards 3,08 (+100%) and the main target at 5,10 (230%) corresponding to the potential of the Double Bottom (if triggered).
Technical Key Elements:
- The long-term trend analysis shows potential towards 5,10 (+230%) before 4,90 (+300%) as long as 0,17 (-88%) Strategic support remains valid in weekly close.
- The RSI indicator is in positive area and keeps upside potential – No divergence
- The Moving average crossed to the upside
- The Fibonacci key support is adjusted at 1,04 as tactical support while the Elliot wave shows upside potential towards 2,35
| Trade Idea conclusion: Buy - Conviction: |  | | (Normal) |
Target 3: 5,10 (+230%)
Target 2: 3,08 (+100%)
Target 1: 2,35 (+50%)
Buy: add in dip area 1,50/1,30
Stop: 1,04 (-32%)
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
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