SUSHI/USDT Trading plan for the week.

SUSHIUSDT is forming a nice global descending triangle. Usually, this is a continuation pattern and in the case of SUSHI/USDT, the price should break the bottom of the triangle. There is number of reasons for that:

1) The Sell Zone on the top $2.39-2.51$ which is combined with the downward resistance line
2) Multiple checks of the bottom of the triangle on the falling volume
3) The POC of that triangle is located on the top part of that triangle $2.6963

These factors suggest that the price should break the bottom of the triangle and should go towards $1.7

However, it is also possible to make some good trades while this pattern is completing. It is possible to trade the base of the horizontal channel. From bottom to top and vice versa. Taking into consideration the global picture of the asset it would be more appropriate to short sell in the base.

It is also possible to trade the momentum breakouts from the base. If the price will stay in the base for a long time while the volume will be dropping, then the breakout out of that base will be rapid. The rapid breakout that we expect should be to the upper side of that base and may lead to the fast long position between $2.35 to $2.54 (4.30%)

Best of luck with your trading.

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At this point, we would recommend closing most of your position.