Don’t let those scorching red drawdowns make you lose your composure, because this market is, by nature, where weak-hearted players rush in with money for the sharks—and $PENDLE this morning is presenting a very familiar market-cleansing scenario.
Looking at the current technical data, it’s not hard to see why the bears are temporarily holding the upper hand:
🔹 The 15-minute timeframe shows selling pressure still weighing heavily, with price at 1.7760 sitting below both the MA(20) at 1.7997 and the EMA(9) at 1.7804.
🔹 In the 1-hour timeframe, the picture is similar: the MA(20) at 1.8064 and the EMA(9) at 1.7951 are acting as stubborn resistance walls. The current buyers don’t have enough strength to break through these levels yet.
Personally, I think this pullback is necessary to shake out the short-term FOMO chasers. The market needs a liquidity sweep before it can confirm a potential recovery trend. For me, this is not a time for panic selling, but a time to observe potential support zones.
My personal setup for this move:
🎯 Position: LONG at the bottom (when a reversal signal appears).
🎯 Entry zone: I’ll gradually accumulate around 1.7200 - 1.7400.
🎯 Take profit (TP): Expect a recovery back to the 1.8500 - 1.9000 range.
🎯 Stop loss (SL): Place it firmly at 1.6800 if price breaks the hard support zone.
What do you all think—will $PENDLE surge strongly after this DUMP, or will it continue to find lower price areas to accumulate?
#Crypto #Trading #BinanceSquare
Note: This is my personal viewpoint, not investment advice. Trading always involves risk (DYOR).
Looking at the current technical data, it’s not hard to see why the bears are temporarily holding the upper hand:
🔹 The 15-minute timeframe shows selling pressure still weighing heavily, with price at 1.7760 sitting below both the MA(20) at 1.7997 and the EMA(9) at 1.7804.
🔹 In the 1-hour timeframe, the picture is similar: the MA(20) at 1.8064 and the EMA(9) at 1.7951 are acting as stubborn resistance walls. The current buyers don’t have enough strength to break through these levels yet.
Personally, I think this pullback is necessary to shake out the short-term FOMO chasers. The market needs a liquidity sweep before it can confirm a potential recovery trend. For me, this is not a time for panic selling, but a time to observe potential support zones.
My personal setup for this move:
🎯 Position: LONG at the bottom (when a reversal signal appears).
🎯 Entry zone: I’ll gradually accumulate around 1.7200 - 1.7400.
🎯 Take profit (TP): Expect a recovery back to the 1.8500 - 1.9000 range.
🎯 Stop loss (SL): Place it firmly at 1.6800 if price breaks the hard support zone.
What do you all think—will $PENDLE surge strongly after this DUMP, or will it continue to find lower price areas to accumulate?
#Crypto #Trading #BinanceSquare
Note: This is my personal viewpoint, not investment advice. Trading always involves risk (DYOR).