PEPE: Recovery Time?
Overall, the Crypto market looks pretty shaky. A top appears to be forming in BTC in the form of a Head and Shoulder Pattern.
Until the market makes some decisive moves, we are seeing Alt Coins create some interesting patterns and various forms of consolidation.
PEPE is getting my attention today with a very clean Inverse Head and Shoulder (IHS) Pattern.
Let's break this idea down.
Be aware that the correlation of Alts and BTC remain high, if BTC is to move downward, this bullish structure would be at risk.
This is for educational purposes only and is not to be considered as financial advise.
Please do your own DD and operate within your risk parameters.
Until the market makes some decisive moves, we are seeing Alt Coins create some interesting patterns and various forms of consolidation.
PEPE is getting my attention today with a very clean Inverse Head and Shoulder (IHS) Pattern. Let's break this idea down.
- IHS forming at the bottom of the market.
- Market has pulled back into the "Golden Pocket" of the range. As measured from the Head to the top of the impulse (preceding the pullback).
- A small base forming on the Golden Pocket, indicative of buyers support at this level.
- 33% gain if we are targeting the supply gap above us.
Be aware that the correlation of Alts and BTC remain high, if BTC is to move downward, this bullish structure would be at risk.
This is for educational purposes only and is not to be considered as financial advise.
Please do your own DD and operate within your risk parameters.
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