Analyzing SUIUSDT on a 4H timeframe using trendline

in Tron Fan Club10 months ago

Hello guys,
It's another to analyze the crypto market and I'm happy to be here with you all. The market as well know has been going bullish for the past few days and that has been a joyful moment for all steemians.

I'm so delighted to see the massive movement of all the coins and most especially the movement of the STEEM token. Today I have decided to analyze the pair of SUIUSDT on a 4H timeframe.

Screenshot_2023-10-21-19-01-35-33.jpg

Looking at the chart, I noticed a double bottom and that is a great sign that the market will push up. I checked through different timeframes and I noticed that the double bottom was a valid one so I decided to draw my neckline as you can see in the chart

I drew it and then waited for the market to move above it. Seeing that the neckline had been broken, I decided to introduce my buy logo where I have the take profit located in the nearest resistance level and the stop loss just below the entry point.

Screenshot_2023-10-21-19-02-16-62.jpg

To be sure of the market and to know how effective the profit I will make there will look, I decided to enter a demo trade of the said token as you can see in the image below. I took a very good risk-reward ratio of about 1:2.

I took that because I'm certain that the market will move in my favour if there is no news to temper with its movement. So from the demo trade, you can see that my reward is $0.02 and the risk I'm willing to take is $0.01

Screenshot_2023-10-21-19-03-14-36.jpg

I await to see the result of the analysis. I guess I have continually improved in the strategy and with time when I have more capital I will not only demo trade I will also ensure I enter all of the said trades I analyze.

If you have any questions or contributions to the analysis or any crypto-related questions, please use the comment section of this post and I will reply to you as soon as possible. I await your questions and contributions as we continue to steem on.

Disclaimer: This post is made as an education and not investment advice. Digital asset prices are subject to change. All forms of crypto investment have a high risk. I am not a financial advisor, before jumping to any conclusions in this matter please do your research and consult a financial advisor.

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Thank you, friend!
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Great analysis on suiusdt, nicely done.

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