SUSHI Price Analysis: SUSHIUSD Accumulation Phase Leading to a Strong Price Action Parabolic Curve

By Aziz Khan
Published February 7, 2021 Updated February 8, 2021
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SUSHI Price Analysis: SUSHIUSD Accumulation Phase Leading to a Strong Price Action Parabolic Curve

By Aziz Khan
Published February 7, 2021 Updated February 8, 2021
  • Evident Accumulation Phase
  • Daily S/R Flip Continuation
  • Bullish Order Block Support
  • RSI Bullish Control Zone

SUSHIUSDT’s current Market Structure is deemed extremely Bullish with consecutive Higher Highs and Higher Lows. Trading in a parabolic fashion, the current Swing High has become a key objective for a trend continuation. The current Price Action is trading at a true trade location where a volatile move will be imminent.

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SUSHIUSDT  Daily Price Action Chart

Observing the chart above, we can see Price Action in a clear Accumulation Phase that initially led to the strong Bullish Volatility Expansion. This period lasted for a total of 129 Days before a confirmed S/R Flip Retest. Being a clear and strong retest of the technical level, it led to an immediate continuation into the Order Block S/R.

The Preliminary test of the Order Block resulted into a Bearish Retest, Price Action had a slight deviation before an impulse back up, this confirmed a technical Higher Low. Upon confirmation, a local Apex was morphed causing an impulse in Price Action that led to a break of the Oder Block S/R Resistance.

The flipping of the staunched resistance was a pivotal point; Volume evidently increased causing a further Bullish Expansion. At the time, the Parabola was in full effect as Price Action impulsed into a strong expansion before confirming Price Discovery. The Wick of the Swing High is the current All-Time Highs, breaching the level will greatly increase the probability of a continuation. Failure to hold the current Bullish Order Block will prominently increase the probability of a correction.

Chart by Tradingview

SUSHIUSDT  Daily RSI

Chart by Tradingview

Discerning the present RSI, there is a clear correlation in respect to the strength of Price Action as the Bullish Control Zone has been maintained. Holding these regions are critical to maintain a Bullish Directional Bias, penetrating the Range-Mid will show immediate weakness. The Bearish Control Zone will indicate a potential correction in Price Action after such a strong  rise.

To conclude, SUSHIUSDT remains bullish until a clear break of the Price Action Parabola comes to fruition. As of current, the Bullish Order Block S/R being tested must hold, failure will increase the probability of a short term correction. The RSI is a key indicator in this trend as the Bullish Control Zone has been maintained, deviating from this region will be indicative of weakness.

Hope this article helps in making discretionary trading decisions.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Aziz Khan
11 Articles
Aziz is an experienced crypto technical analyst and day trader for the past three years going on four. Being a self-taught trader of 5 + years in this field, he has accomplished top status on Trading-view with daily detailed analysis on trending coins. You can follow Aziz on twitter and TradingView

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