🔥 PEPE Potential Inverse Head & Shoulders: Bottom Is In?
Updated
After a massive decline, and corresponding pump from the 100 area, PEPE has yet again found resistance around 210 (omitting the zeros for readability).
I think that the bottom is in, for the short-term at least. Potentially, PEPE will form an inverse head & shoulders pattern, which is a bullish reversal pattern.
Ideally, the price will move back towards the yellow area, which is the same area where the left shoulder bottomed las week.
If the yellow area holds, the probability of this pattern playing out increases by a lot. Patient bulls will wait for price to break through the neckline around 210. Aggressive bulls will buy in the yellow area.
I think that the bottom is in, for the short-term at least. Potentially, PEPE will form an inverse head & shoulders pattern, which is a bullish reversal pattern.
Ideally, the price will move back towards the yellow area, which is the same area where the left shoulder bottomed las week.
If the yellow area holds, the probability of this pattern playing out increases by a lot. Patient bulls will wait for price to break through the neckline around 210. Aggressive bulls will buy in the yellow area.
Note
Last night's wick nearly touched the yellow area. Bottom could be in.If the price moves above 180 today it could be seen as reversal confirmation by aggressive bulls.
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