I've learned to stay patient when a chart is climbing this aggressively off a deep low; jumping in on the first wave of green candles has cost me more than once.
Looking at this PONS/USDT 1-hour chart, the price is currently hovering around 0.2412 after an aggressive run-up from the recent swing low at 0.2180. The overall structure was strongly bearish following the rejection from 0.2647, but the recent price action tells a different, more constructive story. A series of higher lows and consecutive green candles has pushed price through the prior consolidation zone and is now testing the 0.24 psychological level. This is not a minor bounce but a structural shift in short-term momentum. Buyers are clearly stepping in and the 0.24 area is holding for now while upside pressure continues to build.
I am not forcing a trade here because catching an early bounce without confirmation is how I have burned capital before. I want to see whether this is a genuine reclaim or just a liquidity grab of late shorts. If price retests the broken support zone around 0.2296–0.2320 and holds with a higher low, I will consider a long.
Entry: 0.2296–0.2320 (on confirmed hold)
SL: 0.2175 (below the swing low)
TP1: 0.2530
TP2: 0.2647
If 0.2175 breaks, the thesis is invalid.
I'd rather miss a trade than enter without confirmation.
What's your read on this retest?
$PONS
#BinanceSAFUFundTransferCompleted7499BTC #YiHe:ProofOfReserves:10TokensAt100%Backing #BackedNotBroken:RichardTengSaysUsersBearNoLoss #CZSaysCompensationIsinPlaceUsersAreProtected
Looking at this PONS/USDT 1-hour chart, the price is currently hovering around 0.2412 after an aggressive run-up from the recent swing low at 0.2180. The overall structure was strongly bearish following the rejection from 0.2647, but the recent price action tells a different, more constructive story. A series of higher lows and consecutive green candles has pushed price through the prior consolidation zone and is now testing the 0.24 psychological level. This is not a minor bounce but a structural shift in short-term momentum. Buyers are clearly stepping in and the 0.24 area is holding for now while upside pressure continues to build.
I am not forcing a trade here because catching an early bounce without confirmation is how I have burned capital before. I want to see whether this is a genuine reclaim or just a liquidity grab of late shorts. If price retests the broken support zone around 0.2296–0.2320 and holds with a higher low, I will consider a long.
Entry: 0.2296–0.2320 (on confirmed hold)
SL: 0.2175 (below the swing low)
TP1: 0.2530
TP2: 0.2647
If 0.2175 breaks, the thesis is invalid.
I'd rather miss a trade than enter without confirmation.
What's your read on this retest?
$PONS
#BinanceSAFUFundTransferCompleted7499BTC #YiHe:ProofOfReserves:10TokensAt100%Backing #BackedNotBroken:RichardTengSaysUsersBearNoLoss #CZSaysCompensationIsinPlaceUsersAreProtected