On the daily chart for 
PEPEUSDT , there's a clear double top formation around the 0.00957 level, signaling potential exhaustion of the upward momentum. The price has tested this resistance area twice, failing to break higher, which suggests a reversal could be on the horizon.
The supply zone around 0.00957 coincides with a key monthly high, creating a strong ceiling for the price. If this resistance holds, I’m expecting a drop towards the demand zone at TP1: 0.008053 and potentially further down to TP2: 0.006967.
Entry Point: 0.0095708
TP1: 0.008053
TP2: 0.006967
Stop Loss: 0.010034
The double top pattern, combined with the overbought conditions on the RSI, indicates that bearish momentum could soon take over. The market might primed for a correction after failing to break the supply zone.
I’ll be closely watching for price rejection in the supply zone and a continuation of the downtrend towards TP1 and TP2. If momentum slows at TP1, I'll take partial profits; otherwise, I’ll hold for a deeper retracement into TP2.
Always trade at your own risk with a money you can lose.
PEPEUSDT , there's a clear double top formation around the 0.00957 level, signaling potential exhaustion of the upward momentum. The price has tested this resistance area twice, failing to break higher, which suggests a reversal could be on the horizon.The supply zone around 0.00957 coincides with a key monthly high, creating a strong ceiling for the price. If this resistance holds, I’m expecting a drop towards the demand zone at TP1: 0.008053 and potentially further down to TP2: 0.006967.
Entry Point: 0.0095708
TP1: 0.008053
TP2: 0.006967
Stop Loss: 0.010034
The double top pattern, combined with the overbought conditions on the RSI, indicates that bearish momentum could soon take over. The market might primed for a correction after failing to break the supply zone.
I’ll be closely watching for price rejection in the supply zone and a continuation of the downtrend towards TP1 and TP2. If momentum slows at TP1, I'll take partial profits; otherwise, I’ll hold for a deeper retracement into TP2.
Always trade at your own risk with a money you can lose.
İşlem aktif
I've opened the short position @ entry I mentioned above.İşlem kapandı: durdurma seviyesi
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Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.