🚨 MAJOR UPDATE ALERT! 🚨
📉 Coin Alert: #HOOK/USDT
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In the span of just one hour, the price action of Hook has undergone significant pattern shifts, transitioning from a falling wedge to a rising wedge, ultimately breaking below the resistance line. This series of events strongly indicates a bearish trend for Hook.
Initially, the falling wedge pattern hinted at a potential bullish reversal, with a gradual decrease in price within a narrowing range. However, this optimism was short-lived as a rising wedge pattern emerged, characterized by converging trendlines sloping upwards, suggesting a weakening bullish momentum and a looming reversal.
The decisive breakout below the resistance line of the rising wedge solidifies the bearish sentiment, marking a shift towards selling pressure. This breakout serves as a clear bearish signal, indicating further downward movement in Hook's price.
According to this analysis, the ideal entry point for a short position is identified at 1.6824, anticipating a decline in price. The initial take-profit target is set at 1.681, with a secondary take-profit level at 1.5986. To effectively manage risk, a stop-loss order is placed at 1.7369, ensuring losses are contained in case the trade moves against expectations.
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