My analysis today is an actively managed blog post that looks at the current trending cryptocoin - "PEPE".
> Anyone who is not yet familiar with this cryptocurrency is welcome to read through the introductory descriptions at my old posts and will be sufficiently informed afterwards.
> The post will be updated daily with comments and trade ideas to generate a series where you as a reader can - ACTIVELY - learn from the analysis and decisions.
> In the following analysis, I highlight a LONG and a SHORT scenario, focusing on the technical KEY points that will be relevant in the coming days.
> As soon as the temporary direction of the price emerges, I update the post accordingly, with entries, stop-loss & take-profit levels.
From the higher time levels, a bearish divergence can already be seen, which announces a possible downswing. (Visualized at the end of the article.)
If an ab-sale is confirmed, the volume profile areas with the least volume are the easiest to break = lack of liquidity = no interest from buyers. (Visualized at the end of the post.)
> The two most significant and strongest support areas are between - 0.00000150000 - 0.00000165000 & 0.00000090000 - 0.00000095000
> Positioning after confirmation of this thesis = SHORT & LONG
If this idea and explanation have added value to you, I would be very happy to receive an evaluation of the idea.
Thank you, and a successful trading!
8H - BEARISH DIVERGENCE - MACD
> Anyone who is not yet familiar with this cryptocurrency is welcome to read through the introductory descriptions at my old posts and will be sufficiently informed afterwards.
> The post will be updated daily with comments and trade ideas to generate a series where you as a reader can - ACTIVELY - learn from the analysis and decisions.
> In the following analysis, I highlight a LONG and a SHORT scenario, focusing on the technical KEY points that will be relevant in the coming days.
> As soon as the temporary direction of the price emerges, I update the post accordingly, with entries, stop-loss & take-profit levels.
From the higher time levels, a bearish divergence can already be seen, which announces a possible downswing. (Visualized at the end of the article.)
If an ab-sale is confirmed, the volume profile areas with the least volume are the easiest to break = lack of liquidity = no interest from buyers. (Visualized at the end of the post.)
> The two most significant and strongest support areas are between - 0.00000150000 - 0.00000165000 & 0.00000090000 - 0.00000095000
> Positioning after confirmation of this thesis = SHORT & LONG
If this idea and explanation have added value to you, I would be very happy to receive an evaluation of the idea.
Thank you, and a successful trading!
8H - BEARISH DIVERGENCE - MACD
Note
6H - VOLUME PROFILENote
I'm still waiting for my trade. First, I want to see how the price reacts to the violet DEMAND zone; if we're lucky, then it breaches through, and we can get a better SHORT location.> If the Violett DEMAND Zone is enough resistance then we need to see a further reaction of the SUPPORT areas.
Note
In 1 hour, the "Unemployment Claims" will be published by the USA, which can generate unexpected volatility.> The volatility can swing in both directions and accordingly become a SL chase before the price decides for one direction.
> So it stands and falls with the outcome of the news and how the USD (DXY) behaves.
Should the marked area in the DXY be significantly broken, the idea is invalid and must be re-evaluated.
Note
After the BTC completed the push, we entered a correction - the divergence is still intact.> In 20 min we have two more events regarding the USD, which continue to keep the price action waiting. (ISM Services PMI + JOLTS)
> I have already taken a position on the SL Hunt and will take another position as shown in the chart below when the breakout is confirmed.
> You can take a trade if we should bounce and the violet SUPPLY ZONE holds - but that include risk.
If you want to take a less risky position, then trade the drawn confirmations.
1 H - ENTRY SPOTS - CHART
1 H - OVERVIEW - CHART
Note
The news regarding the USD was positive for the USD, which increased the selling pressure on all other assets and initiated the down sale.The support line was broken and tested on the smaller time units - no confirmed test has been made on the medium time levels yet.
Depending on the USD (DXY), the ab-sale will continue, or a retest will occur.
1 H - ENTRY POINT - CHART
Note
Note
The daily candle (marked in purple) shows a strong bearish candle:> From the closing price, it has broken the last HL - closing price.
> The last HL - closing price not yet broken, this continues to serve as support (0.00000142163 USDT)
From the long shadow (marked pale), you can see that very strong selling pressure has prevailed, which must be stopped today first.
Due to this, I assume a setback, which could end with a further sale.
> The short positions I will continue to hold and the SL remains unchanged, should nothing change in the DXY (USD).
> As soon as something changes in the DXY (USD), I will re-evaluate the situation.
= In 1 hour and 30 minutes, new FX data for the USD will be published, which could change the valuation - so it is still advised to be cautious.
Note
LEVEL UPDATENote
The price is currently in the process of regaining the resistance line.> If this succeeds, then the price will rise to at least the 0.618 FIB - more likely higher, but this would depend on the market sentiment.
> If the price can not regain the resistance line, we can expect a further sell-off.
Note
LEVEL UPDATENote
LEVEL UPDATE> Not much has happened here so far, due to the weekend price action.
> The price has approached the level marked by the last UPDATE and worked off.
= The | LTF - 1.618 FIB | + the | HTF 0.328 FIB | < here we can now expect an upward reaction, as the HTF FIB represents significant interest for all market participants.
> Here, we must nevertheless continue to wait until liquidity enters the market.
Note
LEVEL UPDATENote
We still have to wait for volatility, which is why we are still in our range.> These are the possible scenarios for the further course.
Trade closed manually
I have closed my positions:> The new CPI data from the US - looks bad for the USD, which invalidates my SHORT idea.
> Let's first see how the market reacts to the new data and then reposition.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.