PEPE: Repeating Pattern and Bullish Breakout
PEPE appears to be repeating its pattern on the daily timeframe, forming significant liquidity above the range without making new local highs and shaking out the lower range boundary. This pattern suggests a potential breakout to the upside.
The Repeating Pattern:
In the past, PEPE has exhibited a pattern of forming liquidity above the range without making new local highs and then shaking out the lower range boundary. This pattern often precedes a significant breakout to the upside.
Current Price Action:
PEPE is currently trading within a range on the daily timeframe. The price has recently made several attempts to break out of the range to the upside, but each attempt has been met with selling pressure. This suggests that there is significant liquidity above the range that needs to be absorbed before a sustained breakout can occur.
Shakeout and Bullish Breakout:
The recent price action also includes a shakeout of the lower range boundary. This means that the price briefly dipped below the range, liquidating stop-loss orders of traders who were expecting a continuation of the downtrend. This shakeout can serve to strengthen the support at the lower range boundary and provide fuel for a subsequent breakout.
Fractal Trading:
PEPE's price action appears to be following a fractal pattern. Fractals are repeating patterns that can be found at different scales in financial markets. This suggests that the current pattern is likely to resolve in a similar way to previous instances of the pattern.
Potential Breakout:
Based on the repeating pattern, shakeout, and fractal trading principles, I anticipate a breakout to the upside for PEPE. The breakout could occur once the price absorbs the liquidity above the range and confirms support at the lower range boundary.
Target Price:
A potential target price for the breakout is the previous local high, which is around $0.20. However, if the breakout is strong, the price could move even higher.
The Repeating Pattern:
In the past, PEPE has exhibited a pattern of forming liquidity above the range without making new local highs and then shaking out the lower range boundary. This pattern often precedes a significant breakout to the upside.
Current Price Action:
PEPE is currently trading within a range on the daily timeframe. The price has recently made several attempts to break out of the range to the upside, but each attempt has been met with selling pressure. This suggests that there is significant liquidity above the range that needs to be absorbed before a sustained breakout can occur.
Shakeout and Bullish Breakout:
The recent price action also includes a shakeout of the lower range boundary. This means that the price briefly dipped below the range, liquidating stop-loss orders of traders who were expecting a continuation of the downtrend. This shakeout can serve to strengthen the support at the lower range boundary and provide fuel for a subsequent breakout.
Fractal Trading:
PEPE's price action appears to be following a fractal pattern. Fractals are repeating patterns that can be found at different scales in financial markets. This suggests that the current pattern is likely to resolve in a similar way to previous instances of the pattern.
Potential Breakout:
Based on the repeating pattern, shakeout, and fractal trading principles, I anticipate a breakout to the upside for PEPE. The breakout could occur once the price absorbs the liquidity above the range and confirms support at the lower range boundary.
Target Price:
A potential target price for the breakout is the previous local high, which is around $0.20. However, if the breakout is strong, the price could move even higher.
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