$PEPE 24-hour high, current price 0.0₅42, previous high 0.0₅4191.
There are generally three ways price action unfolds after a new high:
① Pull back to the previous high, hold, then move up another level: strongest
② Chop around the previous high: consolidation as traders wait for direction
③ Fall straight back below the previous high and fail to reclaim it: false breakout
For now, price is above the previous high. Watch to see whether it follows ① or ②.
There are generally three ways price action unfolds after a new high:
① Pull back to the previous high, hold, then move up another level: strongest
② Chop around the previous high: consolidation as traders wait for direction
③ Fall straight back below the previous high and fail to reclaim it: false breakout
For now, price is above the previous high. Watch to see whether it follows ① or ②.