Pepe | Chart AnalysisEverything is on the chart.
Support has been tested a second time just two days ago.
This support is now a slow-moving exponential moving average.
👉 We are likely to see a break of this support based on my analysis.
My analysis goes like this:
➖ The first bullish wave was very steep and its correction ends at support.
➖ The second bullish wave is weak compared to the previous one. The same support is being tested.
➖ Since the second wave is much weaker, it is likely that support will fail next; based on short-term signals.
One thing to keep in mind are the market movers —professional traders.
They track the market, the exchanges; your orders, actions and the rest.
➖ If there is lots of selling; people becoming aware of the upcoming correction; they move to buy in order to liquidate the shorters and then SHORT themselves.
This is shown here with a curved red-line.
👉 Such moves do not change the market cycle, the general trend.
👉 PEPEUSDT is aiming lower but, remember, things can always change.
Thank you for reading.
You are appreciated.
Namaste.
