everyone thinks buying a dip in the bottom third of the range is free money, but actually you are just catching a knife before key support gets tested.
most traders rush into early bounces because they fear missing the bottom, only to get chopped up when momentum quietly rolls over.
ngl taking a hard look at $PENGU sitting at $0.009234 tells a very specific story. price is lingering in the lower band of its two week range between $0.008520 and $0.0112, but the breakdown signal is fresh. the 20 ma just crossed below the 50 ma only four candles ago on the 4h chart.
momentum is dead flat with rsi at 45, and while volume ticked up to 1.3x normal across the 24h spread from $0.008644 to $0.009795, there is zero aggressive bid stepping in yet. local support is still 7.7% below current price, which means plenty of liquidity sits lower down if $SOL memecoins take another leg down.
blindly bidding mid-range chop instead of waiting for clean support taps usually ends in tears ser.
are you bidding this level or waiting for the 7% flush to sweep the lows?
#PENGU #CryptoTrading #Altcoins
most traders rush into early bounces because they fear missing the bottom, only to get chopped up when momentum quietly rolls over.
ngl taking a hard look at $PENGU sitting at $0.009234 tells a very specific story. price is lingering in the lower band of its two week range between $0.008520 and $0.0112, but the breakdown signal is fresh. the 20 ma just crossed below the 50 ma only four candles ago on the 4h chart.
momentum is dead flat with rsi at 45, and while volume ticked up to 1.3x normal across the 24h spread from $0.008644 to $0.009795, there is zero aggressive bid stepping in yet. local support is still 7.7% below current price, which means plenty of liquidity sits lower down if $SOL memecoins take another leg down.
blindly bidding mid-range chop instead of waiting for clean support taps usually ends in tears ser.
are you bidding this level or waiting for the 7% flush to sweep the lows?
#PENGU #CryptoTrading #Altcoins
