Namaslar LuckySevenTrader Community:
After hitting a low of 0.00000833 on Thursday, October 3, 2024, #PEPE/USDT has been forming higher highs and higher lows in the 2-hour timeframe, developing within a parallel channel, as shown in the chart. The price has respected the lower boundary of this channel multiple times, bouncing off it on five occasions (highlighted with yellow circles). However, recent bounces show a noticeable decline in range and volume, compared to earlier ones, which is a sign of weakening momentum.
Recent Rejection Points:
The price reached 0.00001116 before getting rejected, as marked with a red arrow in the chart.
On the fourth bounce from the lower boundary, the price was rejected again, this time from the middle range of the parallel channel at 0.00001093 (highlighted with a red circle).
This indicates a loss of strength, and despite multiple tests of the lower boundary, the price has failed to bounce as strongly as before. This suggests a high probability that PEPE/USDT might break down below the lower boundary of the parallel channel.
Trade Plan:
Entry Point: 0.00001016 (only after confirmation of the breakdown).
Stop Loss: 0.00001067 (to manage risk).
Take Profit: 0.00000833 (targeting a lower support level).
Risk-to-Reward Ratio: 1:3.5 (a favorable setup).
By waiting for a confirmed breakout of the lower boundary, this trade setup aims for a high-probability entry, maximizing gains while managing risk effectively. Remember to wait for confirmation before entering and trade safely!
#LuckySevenTrader #BinanceSquareFamily #Write2Earn! #technical_analysis
$PEPE $MEME
