SUI · 1H · DOWNTREND
Price peaked around 0.7850 in mid-July, sold off hard into the 0.6600s, and has been grinding in a compressed range between roughly 0.6600 and 0.7100 ever since — with each recovery failing to reclaim the prior swing high. The horizontal dotted line visible around 0.6780–0.6800 has acted as both support and resistance repeatedly across the right half of this chart, and price is sitting right on top of it now at 0.6768, having just rolled over from the most recent bounce high near 0.7050. My read is bearish — lower highs are stacking up and this latest rejection from 0.7050 is printing another one. I'm not looking for a long here. The structure is telling me this range resolves downward, and the liquidation cluster at 0.6685 immediately below is a magnet — longs positioned above that level will get swept once price closes below 0.6780 with conviction.
SHORT SCENARIO
Confirmation
0.6780
Closing below 0.6780 on the 30m/1H confirms bearish continuation — that dotted horizontal support is the line; once it fails as support and flips to resistance, the structure is clear.
Invalidation
0.7050
Structure negated on a close above 0.7050 — that's the most recent swing high and reclaiming it means the lower-high sequence breaks.
Target 1
0.6685
Dense liquidation cluster just below, first structural draw; longs get swept here and the move likely accelerates through it.
Target 2
0.6169
Next dense liquidation cluster below, and a major structural level from the late July flush lows.
Risk/Reward
(0.6780 - 0.6685) / (0.7050 - 0.6780) = 0.0095 / 0.0270 ≈ 0.4:1 to T1 alone — tight to T1, but to T2 at 0.6169 from confirmation at 0.6780: (0.6780 - 0.6169) / (0.7050 - 0.6780) = 0.0611 / 0.0270 ≈ 2.3:1
Resistance: 0.7050 / 0.7350
Support: 0.6685 / 0.6169
This is not financial advice. Content is AI-generated.