$PENGU printing the same bearish fractal again. Another leg down incoming?
HTF structure still broken. Double top at ~$0.047, then -89% markdown. Price keeps getting rejected at the descending trendline. Every relief rally dies at supply.
No bullish CHoCH. Still trading under the HTF Bearish OB. Sellers in full control.
The pattern:
Sell-off → Relief → OB rejection → Consolidation → Lower low
Levels:
Resistance: $0.0085–$0.0097
Support: $0.0055–$0.0058
Breakdown target: $0.00307
Need a strong HTF close above $0.0097 to flip this. Until then, bounces into supply = short setups, not reversals.
@pudgypenguins
HTF structure still broken. Double top at ~$0.047, then -89% markdown. Price keeps getting rejected at the descending trendline. Every relief rally dies at supply.
No bullish CHoCH. Still trading under the HTF Bearish OB. Sellers in full control.
The pattern:
Sell-off → Relief → OB rejection → Consolidation → Lower low
Levels:
Resistance: $0.0085–$0.0097
Support: $0.0055–$0.0058
Breakdown target: $0.00307
Need a strong HTF close above $0.0097 to flip this. Until then, bounces into supply = short setups, not reversals.
@pudgypenguins