$PEPE It's been several days since I last checked pepe, what happened? Why isn't it as popular as before? Has the heat faded? It can't be that quick!
Looking at the 4-hour chart, pepe has been consolidating without much fluctuation. Today, erbing has risen so well, but it hasn't driven pepe's increase. Is it waiting for an opportunity or preparing to form a pattern?
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Let's talk about the chart: The trend line position marked on the 4-hour pepe chart cannot be broken, because once it is broken, there is a vacuum area below with not much accumulation of chips. The yellow circled bullish candle has risen quickly, similarly, a drop could be astonishing. If the trend line in the chart is broken, it is very likely to go to 1495 to seek support.
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Continuing to look at the chart: Similarly, on the 4-hour chart, if pepe wants to form a W bottom pattern, it must break through 2238 with volume, otherwise it is useless. Only by breaking through the 2238 neckline can it challenge previous highs or new highs. A false breakout with a spike is useless, it must close above 2238.
If pepe wants to form an M top pattern, the chart does not allow breaking above 2338, otherwise the M top will not be established. Students, do you hope pepe will form a W or an M? 😃
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Lastly, the same chart: The entry positions for spot trading are marked with 3 positions in the chart, entering in batches using the 235 position management method. Spot trading is spot trading, do not use spot trading logic to handle contracts. It is said that a prolonged consolidation must break down, let's hope pepe can break this saying with a prolonged consolidation leading to a rise. Pepe has been consolidating recently, possibly accumulating and preparing for an upward breakout.