๐จ EXCITING UPDATE! ๐จ
๐ Coin Name: #HOOK
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In a 1-hour time frame, the price action of Hook exhibits a pattern transition from a falling wedge to a rising wedge, followed by a breakout below the resistance line. This sequential development suggests a bearish trend for Hook.
Initially, the falling wedge pattern indicates a gradual decrease in price within a contracting range, signaling a potential bullish reversal. However, this pattern is followed by the formation of a rising wedge, characterized by converging trendlines sloping upwards, indicating a weakening bullish momentum and potential reversal.
The breakout below the resistance line of the rising wedge confirms the bearish sentiment, indicating a shift in market sentiment towards selling pressure. This breakout below the resistance line serves as a bearish signal, suggesting further downward movement in the price of Hook.
Based on this analysis, the entry point for a short position is set at 1.6824, anticipating a decline in price. The first take-profit level is set at 1.600, followed by a second take-profit level at 1.5986. To manage risk, a stop-loss order is placed at 1.7369 to limit potential losses in case the trade moves against expectations.
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