Meme coins - Edition #2

We will continue to update this post until momentum enters the market. The easy part of trading is to take advantage of trend expansion signals, but before that, capital preservation is a must. Most will lose money in these market conditions without directional bias and will continue to do so by treating every move as a potential breakout. 

Let's focus level by level and give the market more time before any hope for an "altseason". Be patient as the market is getting ready for a move sooner rather than later, so let's sit back and let the market show its cards. 

Now back to the following memes:

Pepe (PEPE).

• Lost the initial momentum towards the high of the previous bearish move. A sign of weakness and caution should be taken at the support levels of $0.000010 - $0.0000088.
• If $0.0000092 is not reached in the next two weeks, the bulls would have successfully regained support. 

If price holds $0.000010 at the weekly close, it will be positive!

Dogwifhat (WIF)

• Decent looking chart despite losing weekly support. Should hold $1.95 to confirm a three-tap setup. 
• Buying below $1.95 should be avoided unless a recovery forms after a break inside $1.95.

The change in market structure brings a fresh breeze to this chart. It needs that higher low to commit to a long trade. 

Three-tap setup is in play as long as $1.95 holds. 
First Target $2.65 > $3.56 if it goes for the range high.

Bonk (BONK)

• If this consolidation is bullish, $0.000020 - $0.000022 is the level to hold. No interest below that area. 

Testing that area as we speak, should be interesting if it holds and has another higher low. 

• Bid this zone and be cautious with your SL (stop loss), as a good deviation setup is just below it. 

Popcat (POPCAT)

Followed the analysis perfectly. Great entry at $0.70 for a strong 40% move. 

Next trade setup:

• Wait for a recovery above $0.728 or a positive reaction at $0.56

Try to avoid entering no man's land areas. Have your levels ready and act accordingly. 

NOTE:

Of the four setups in the first memes edition, only one was able to follow the plan. All the others had price invalidations and one did not trigger any signals. Remember to be selective in these market conditions to mitigate losses and forget about massive winners for now.