$PUMP USDT is fighting a massive brick wall right now š§±š
Iāve been watching PUMP today and itās sitting at a super interesting spot. It had a nice little bounce, but itās trapped right under heavy resistance.
Here is how I'm reading the charts:
Ā· The 15m Chart: It pumped up to 0.00429, got rejected, and is now chopping sideways. The MACD is crossing bearish and printing red bars. Itās resting right on the 7 MA, but momentum is definitely cooling off.
Ā· The 1H Chart: This actually looks decent. It had a strong V-shaped recovery from the 0.00387 lows. The moving averages are curling up.
Ā· The 4H Chart: This is the big picture and the most important part right now. The price is stuck right under the 99 MA (the purple line) at 0.00433. Itās been a long downtrend since 0.006, and this purple line has been acting like a ceiling.
Here is my suggested trade idea:
I am not clicking buy right here. Buying right into a major resistance level is how you get trapped. I'm waiting for the market to show its hand.
ā The Long Play (Breakout): If we get a strong 1H or 4H candle close above 0.00433, thatās a breakout. Iād go long with a target up to 0.0046. Stop loss needs to be tight, maybe back under 0.0041.
ā ļø The Short Play (Rejection): If it gets rejected here again and breaks below the 1H support around 0.0040, I'm flipping short. Target would be a retest of those lows around 0.0038.
Right now, it feels like it needs a breather before it decides which way to go. I'm just watching the 15m chart to see if it holds this current support.
#crypto #Altcoins #TradingCommunity r#Binancefrance #memecoins
Iāve been watching PUMP today and itās sitting at a super interesting spot. It had a nice little bounce, but itās trapped right under heavy resistance.
Here is how I'm reading the charts:
Ā· The 15m Chart: It pumped up to 0.00429, got rejected, and is now chopping sideways. The MACD is crossing bearish and printing red bars. Itās resting right on the 7 MA, but momentum is definitely cooling off.
Ā· The 1H Chart: This actually looks decent. It had a strong V-shaped recovery from the 0.00387 lows. The moving averages are curling up.
Ā· The 4H Chart: This is the big picture and the most important part right now. The price is stuck right under the 99 MA (the purple line) at 0.00433. Itās been a long downtrend since 0.006, and this purple line has been acting like a ceiling.
Here is my suggested trade idea:
I am not clicking buy right here. Buying right into a major resistance level is how you get trapped. I'm waiting for the market to show its hand.
ā The Long Play (Breakout): If we get a strong 1H or 4H candle close above 0.00433, thatās a breakout. Iād go long with a target up to 0.0046. Stop loss needs to be tight, maybe back under 0.0041.
ā ļø The Short Play (Rejection): If it gets rejected here again and breaks below the 1H support around 0.0040, I'm flipping short. Target would be a retest of those lows around 0.0038.
Right now, it feels like it needs a breather before it decides which way to go. I'm just watching the 15m chart to see if it holds this current support.
#crypto #Altcoins #TradingCommunity r#Binancefrance #memecoins
