PEPE/USDT technical analysis and trading plan by Blaž Fabjan
2024-09-23

PEPE/USDT trading pair, here's a breakdown of the technical analysis and trading plan by Blaž Fabjan:

Symmetrical Triangle Formation:

There is a symmetrical triangle pattern highlighted. This is typically a continuation pattern that signals a breakout, either upward or downward, depending on which side breaks first.
Currently, the price is consolidating near the end of the triangle. A breakout is expected soon.

Support and Resistance Levels:

Immediate support: $0.000000807 (marked by a blue horizontal line). This is a key level to watch; if it breaks below, the price may retest lower support zones.

Next support: $0.000000766.

Key resistance: $0.000000886. This level represents a potential target for an upward breakout from the symmetrical triangle.

Higher resistance: $0.000000986, should the price breach the first resistance level.
Volume:

The volume bars are relatively lower in recent periods, but the volume could increase when a breakout occurs. Pay attention to a spike in volume confirming a breakout direction.

VMC Cipher-B Indicator:

The VMC Cipher indicator shows a bit of sideways movement in the momentum, with no strong divergences visible. Keep an eye on this to spot potential bullish or bearish divergence.

RSI (Relative Strength Index):

RSI is around 51.88, which indicates a neutral market. There’s no overbought or oversold signal, but the RSI may rise if there’s an upward breakout from the symmetrical triangle.

Stochastic RSI:

The Stochastic RSI is at 46.67, which is close to neutral but leaning slightly toward a potential upward crossover. This could indicate buying pressure may soon increase.

Potential Trading Plan:
Bullish Scenario (Breakout Upwards):
Entry point: If the price breaks above the symmetrical triangle resistance line and holds above $0.000000886 with increased volume.
Target: First target can be around $0.000000986. If strong momentum continues, higher targets may be set at key psychological resistance levels.
Stop-loss: Place a stop-loss just below the triangle support level, ideally around $0.000000807.

Bearish Scenario (Breakout Downwards):
Entry point: If the price breaks below the symmetrical triangle and the $0.000000807 support level with high volume.
Target: First target would be $0.000000766 and further down to $0.000000666 if the bearish momentum persists.
Stop-loss: Place a stop-loss above the resistance level of the symmetrical triangle, around $0.000000850.

Neutral/Consolidation Scenario:
If the price continues to move sideways and no clear breakout occurs, it’s best to wait and observe how the market reacts at these key levels.

Summary:
Watch for a breakout from the symmetrical triangle. A move above $0.000000886 with strong volume will likely result in a bullish continuation, while a breakdown below $0.000000807 signals bearish action. Keep an eye on the RSI and volume indicators to confirm momentum.