Memes Update
Time to position for the long term
This double-digit pullback is more than welcome in the current market we are in. Momentum is needed to start to get a clear view of things and prepare for the next wave, as the market is bottoming as we speak. It just needs a higher low from a macroeconomic standpoint and keeping in mind that the September rate cuts are just around the corner.... Things will most likely go in the right direction.
PEPE
Simple price action at its best. Failed to make a higher high coming out of sharp move, which was a strong sign of weakness and fell back to form a lower low. This is normal within a consolidation phase and especially since it still trades with the weekly as the predominant time frame.
Daily view:
- It managed to touch below $0.000006. The most important level in this current 6-month range. Anything below could trigger a bearish consolidation instead of the bullish/neutral phase it is currently in.
- It will take a week or two to consume the lost supply level at $0.000008 - $0.0000095.
Actions to take:
Bid around $0.00000650 in case it makes the normal pullback towards the wick of the daily/weekly low.
Once it starts trading above $0.00000880. Bidding at that price in anticipation of a recovery from the monthly level is still valid. The monthly should close above this price.
WIF
Following the meandering line with a perfect retest of the mid gap level. What's next? A new setup emerges as it has a deviation below a key level and will also focus on the most recent as it will trigger once above $1.95.
Daily view:
- It should start trading above $1.5 over the next two weeks. As long as it stays above, it will trigger a three-touch entry with a target at $1.95.
- Any recovery above $1.95 is a buyback opportunity, as it re-enters within the massive trading range and increases the chances of reaching $3.5.
Just wait for both levels to be tested/recovered before buying back in. I missed the entry at the $1.25 "Mid Gap" level because I didn't expect it to go that low. But these two fresh setups will still give great entries.
BONK
Not much to update. It failed to make a higher low and went straight down towards the equal lows at $0.000018. This move was anticipated in the previous post as liquidity was below the much anticipated higher low which was quickly erased.
- The deviation play is now active: buy as close to $0.000018 as possible
- First target at $0.000024
The macro view on this chart is still intact like Pepe. So keep in mind that we are still trading with the trend and especially at the current lows. Both charts are making higher lows and respecting previous structures.
Reference chart:
POPCAT
What an entry I just missed! I was focusing on re-entering on a clear bottom curve around $0.55. This narrow view excluded the possibility of a retest at the weekly level which was clearly the right setup to consider. Let's try to focus more on the macro, even if it takes weeks to execute, but they tend to be the nicest profits to catch.
Great examples of Macro entries are here:
Luis Ricardo Guizado
Daily View:
- Not something I'm going to enter immediately as it's testing resistance. I want to see a rejection inside the $0.63 - $0.70 area over the next two weeks to have a long entry below $0.56.
- Above $0.72 remains the safest entry, but a disappointing one.
We will have to stay on the sidelines on this one for the time being, as longs are out of place at current prices and it still shows strength coming off the weekly test for me to start shorting.
Many opportunities are emerging in the market due to the current market flash. Keep trading simplified with a macro view as things are pointing to the last dip before the long awaited expansion.
