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Pattern formed, Big Move Ahead?
The weekly chart of #Pepe has confirmed a classic head and shoudlers pattern - a powerful bearish setup.
After over 1.5 years of building this structure, price decisively pierced the neckline with a sharp drop.
Suggesting that a weekly close below the neckline could trigger an accelerative towards the pattern target.
Key Levels
Neckline: $0.0000058599
Target: $0.0000012091
Why does it matter?
Head and shoulders are the most trusted reversal technical patterns. Coupled with declining and weakening sentiment. This pattern warns of more downside--- unless buyers can mount a quick rescue.
What's your strategy?
Are you shorting the breakdown, waiting for the target, or looking for a fake-out reversal?
Drop your thoughts/Analysis or questions in the comments!
⚠️⚠️⚠️
Pattern formed, Big Move Ahead?
The weekly chart of #Pepe has confirmed a classic head and shoudlers pattern - a powerful bearish setup.
After over 1.5 years of building this structure, price decisively pierced the neckline with a sharp drop.
Suggesting that a weekly close below the neckline could trigger an accelerative towards the pattern target.
Key Levels
Neckline: $0.0000058599
Target: $0.0000012091
Why does it matter?
Head and shoulders are the most trusted reversal technical patterns. Coupled with declining and weakening sentiment. This pattern warns of more downside--- unless buyers can mount a quick rescue.
What's your strategy?
Are you shorting the breakdown, waiting for the target, or looking for a fake-out reversal?
Drop your thoughts/Analysis or questions in the comments!
Trade active
WE ARE SO LIVE on this Head and shoulders!Accelerative move away from the neckline.
#Pepe
#Pepeusd
#ETH
#Crypto
Note
This FROG 🐸reminds of kermit the frog being thrown off a building!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.