PEPEUSDT vs Bitcoin trend analysis, and PEPEUSDT week ahead
Find my PEPEUSDT vs Bitcoin trend analysis. Since finding higher volumes after listing on Binance, it appears to be in sync with Bitcoin, with much greater two-way volatility.
Comment:
PEPEUSDT
following Bitcoin's gravity tightly for now.
PEPEUSDT
following Bitcoin's gravity tightly for now.
Comment:
S/R's, if BTC continues down, thin floors until .x11-10, and then below to .00x52-51 (marked)
Comment:
www.tradingview.com/chart/9OZs9fQh/
Here you go, for all the memers out there, a chart with the S/R's
🐸♥️
Here you go, for all the memers out there, a chart with the S/R's
🐸♥️
Comment:
🐸♥️ Major update 🐸♥️
As you can see the initial TA worked out to be extremely accurate. The levels over the past few days became PeepoGlad floors (buy) and peepoHappy ceilings (sell) with minimum 10% variations. A trader's dream.
The "milder" bear-case estimate retest of 0.00000167 was also very accurate, to a less than 10% margin. On May 8th, 18:00 (10 hours after initial analysis post) we had a near perfect wick (0.0000015x wick) to the level.
The main external factor thesis also looks strong now - PEPE is following Bitcoin fairly closely since the Binance launch. This is how those levels played out and the blue line shows the current (for now) BTC correlation:
The past few days looks like consolidation, although using such language with multiple 20% price swings wick to wick is questionable. But, relative to its overall price action this is about as "sideways" as we have gotten. FeelsOkayMan
Keep in mind we are still down over 60% from the highs, and. Looking at the VWAP and the daily trends, there are at least 6 notable resistance zones overhead. Here are my updated S/R levels:
Short term bear/neutral/bull level analysis over the next 72 hours:
Bear: Market trends lower, Bitcoin trades at or below low 27's, 0.00000173 support breaks with one or two 2h closes below, there's not much to stop the fall to the next support at 0.0000010- 11 (this is a more than 35% drop scenario!).
Neutral/sideways: We continue to trade slightly lower between ~0.0000017 and ~0.0000019 levels. Bitcoin stays range bound in the mid 27's.
Bull: We need multiple 2H closes above the 195 level to confirm, and some large candles to test the 255-263 level. If PEPE stays in sync with Bitcoin we would need at least some 4H closes above 28.2k but more likely a push higher ideally $30k. There's a fair few resistance zones above that 255 level.
I understand most reading this will be smaller traders who are likely best classified as retail bulls. So the bearish and the neutral case, presented before the bull case, may not appeal to you. However even though I am on board with the memes (see my rebuttal to the hater in the comments), I am bound to a professional code to stay prepared for all outcomes, ESPECIALLY with such a volatile asset which has trillions of coins held by one individual/set of linked wallets.
To that end I am including one last trend analysis for you as a bird's eye view of the current character of PEPE. IMO the frog is uncertain right now and licking its wounds, still more than 50% down from its ATH. The memers would like him to resume the uptrend for green Lambo. Prayge for the memers who FOMO'd and bought the top. At best have averaged down to low-mid 2's. 10% swings are a trader's dream? 20% wicks? How lambo from that when down 50%?
Consider the trend changes in very simple terms, consider all three scenarios in the short term, and trade accordingly! If you like this analysis, following me here on Tradingview will motivate me to continue doing so. No sane person likes screaming into the void :') 🐸♥️
As you can see the initial TA worked out to be extremely accurate. The levels over the past few days became PeepoGlad floors (buy) and peepoHappy ceilings (sell) with minimum 10% variations. A trader's dream.
The "milder" bear-case estimate retest of 0.00000167 was also very accurate, to a less than 10% margin. On May 8th, 18:00 (10 hours after initial analysis post) we had a near perfect wick (0.0000015x wick) to the level.
The main external factor thesis also looks strong now - PEPE is following Bitcoin fairly closely since the Binance launch. This is how those levels played out and the blue line shows the current (for now) BTC correlation:
The past few days looks like consolidation, although using such language with multiple 20% price swings wick to wick is questionable. But, relative to its overall price action this is about as "sideways" as we have gotten. FeelsOkayMan
Keep in mind we are still down over 60% from the highs, and. Looking at the VWAP and the daily trends, there are at least 6 notable resistance zones overhead. Here are my updated S/R levels:
Short term bear/neutral/bull level analysis over the next 72 hours:
Bear: Market trends lower, Bitcoin trades at or below low 27's, 0.00000173 support breaks with one or two 2h closes below, there's not much to stop the fall to the next support at 0.0000010- 11 (this is a more than 35% drop scenario!).
Neutral/sideways: We continue to trade slightly lower between ~0.0000017 and ~0.0000019 levels. Bitcoin stays range bound in the mid 27's.
Bull: We need multiple 2H closes above the 195 level to confirm, and some large candles to test the 255-263 level. If PEPE stays in sync with Bitcoin we would need at least some 4H closes above 28.2k but more likely a push higher ideally $30k. There's a fair few resistance zones above that 255 level.
I understand most reading this will be smaller traders who are likely best classified as retail bulls. So the bearish and the neutral case, presented before the bull case, may not appeal to you. However even though I am on board with the memes (see my rebuttal to the hater in the comments), I am bound to a professional code to stay prepared for all outcomes, ESPECIALLY with such a volatile asset which has trillions of coins held by one individual/set of linked wallets.
To that end I am including one last trend analysis for you as a bird's eye view of the current character of PEPE. IMO the frog is uncertain right now and licking its wounds, still more than 50% down from its ATH. The memers would like him to resume the uptrend for green Lambo. Prayge for the memers who FOMO'd and bought the top. At best have averaged down to low-mid 2's. 10% swings are a trader's dream? 20% wicks? How lambo from that when down 50%?
Consider the trend changes in very simple terms, consider all three scenarios in the short term, and trade accordingly! If you like this analysis, following me here on Tradingview will motivate me to continue doing so. No sane person likes screaming into the void :') 🐸♥️