$POPCAT's H1 chart shows my bearish view.
In the past two days of market volatility, a shark-like falling pattern has emerged, which indicates a possible pullback trend. This pullback is expected to hit the golden section of the Fibonacci retracement, especially the 70.5% to 79% range, which will become our potential profit targets.
It should be noted that if the price breaks through the key resistance level of $1.09, the validity of the current bearish pattern will be greatly reduced and the market trend needs to be re-evaluated.
From the technical indicators, the current price has fallen below the long-term trend line (NT) and the fast exponential moving average (EMA), showing a weak pattern in the short term. In addition, the breakdown of the volume adjusted high (VAH) also further confirms the market's fatigue.
The relative strength index (HARSI) is slightly below its historical median level, suggesting that the market momentum has weakened, but it has not yet reached an extremely oversold state.
In view of the above analysis, considering that the current bullish momentum of $POPCAT has shown signs of fatigue, the risk of entering the market directly is relatively high. Therefore, I tend to adopt a more conservative strategy, which is to snipe those short-term pullback opportunities that show signs of exhaustion to control risks and seek possible profit space
