Potential Long Opportunity on PepeUSD - Cup and Handle Formation

14 maj

PepeUSD has recently formed an inverse head and shoulders pattern, indicating a potential reversal of the previous downtrend. After breaking the resistance, the price action suggests the formation of a cup and handle pattern, signaling a continuation of the bullish trend.

Entry:
Consider entering a long position above the handle's resistance level, around 0.000012 USD.

Stop Loss:
Place a stop loss below the handle's low, approximately at 0.0000095 USD, to manage risk in case of a reversal.

Target:
Target the second resistance level at around 0.000015 USD, where price may encounter some resistance.

Risk/Reward Ratio:
Ensure a favorable risk/reward ratio of at least 1:2, considering the potential upside compared to the initial risk.

Note:
Monitor price action closely for confirmation of the cup and handle pattern formation. Always use proper risk management techniques and adjust your position size accordingly. This idea is based on technical analysis and should be validated with your own analysis and risk tolerance.