$PENDLE BULLS ARE TAKING THE INITIATIVE, BUT THERE'S ONE CAVEAT
A bullish structure is forming on the 1-hour chart for $PENDLE : the price is holding a key demand zone, making higher local highs and lows.
But there's a caveat: the daily trend and BTC are still bearish. So the current rise may turn out to be just a short-term bounce within a larger downtrend.
Key levels:
Potential entry zone: $2.10–$2.14
Support: $2.1023–$2.1463
Level that invalidates the bullish scenario: $2.0568
Upside targets:
— $2.1751
— $2.2139
— $2.3109
— $2.3857
What would it take for the rise to continue?
Support needs to hold, volume needs to increase, and the bullish momentum needs confirmation on lower timeframes. A false breakdown followed by a quick move back above support could also provide a signal, but entering without confirmation is risky.
As long as the price stays above $2.0568, the local bullish scenario remains in play. A close below this level would call it into question.
The main thing is not to mistake a local bounce for a full market reversal.
Is $PENDLE gearing up for another rise, or will the bears take control again?
Not financial advice. DYOR.
A bullish structure is forming on the 1-hour chart for $PENDLE : the price is holding a key demand zone, making higher local highs and lows.
But there's a caveat: the daily trend and BTC are still bearish. So the current rise may turn out to be just a short-term bounce within a larger downtrend.
Key levels:
Potential entry zone: $2.10–$2.14
Support: $2.1023–$2.1463
Level that invalidates the bullish scenario: $2.0568
Upside targets:
— $2.1751
— $2.2139
— $2.3109
— $2.3857
What would it take for the rise to continue?
Support needs to hold, volume needs to increase, and the bullish momentum needs confirmation on lower timeframes. A false breakdown followed by a quick move back above support could also provide a signal, but entering without confirmation is risky.
As long as the price stays above $2.0568, the local bullish scenario remains in play. A close below this level would call it into question.
The main thing is not to mistake a local bounce for a full market reversal.
Is $PENDLE gearing up for another rise, or will the bears take control again?
Not financial advice. DYOR.