AcryptostrategistiswarningmemetokensPepe(PEPE)anddogwifhat(WIF)arenowinprimespotstowitnessdeepcorrectivemoves.
PseudonymoustraderCredibleCryptotellshis425,900followersonthesocialmediaplatformXthathe’sleaningbearishonPEPE.
Accordingtotheanalyst,thecurrentPEPErallywilllosesteam,settingthestageforacollapsebelow$0.00000570.
“HTF(hightimeframe)distributiontakestime.
Afterbouncingoffofourrangelows,wearenowbackattherangehighsandonceagainstrugglingtoclearthem–likelyleadingtoanotherdeviationandfailure.
ThenextlegdownonBTCshouldgiveusanoutsizedmovedownonPEPEaswell.
I’mshort.”
Source:CredibleCrypto/X
Attimeofwriting,PEPEistradingfor$0.000011,upover13%inthepastdaybutstillclosetoCredibleCrypto’srangehighzone.
TurningtofellowmemecoinWIF,thetradersaysthealtcoinisflashingabearishsetupatitsrangehighs.
“Patientlywaitedoveraweekforthissetuptopresentitself.
I’veaddedtomypositionandamnowshortWIFwithafullpositionsize.
WhilewehavefallenalittleshortofmyUSDshorttargetfornow,theBTCpairinghashitmyupsidetargetatthistimeandthatalongwithmycurrentlowtimeframebiasonBTCisenoughtotriggerthissetupforme.
Willlikelytakesomeprofitsinthegreenzonebelowwhereoddsarehighweseeabounce,butultimatelyaimingfortherangelowswithWIFbackunder$1.”
Source:CredibleCrypto/X
Attimeofwriting,WIFisworth$2.84.
AsforBitcoin(BTC),Crediblewarnsthatthecryptokingisnowinapositiontopullbackafteritslatestsurge.ThetradernotesBitcoinwilllikelycontinuetotradesidewaysunlessitclearsresistanceat$69,000.
“Peopleonceagainrunningtheirmouthslikemadwhenwearebackatthehighsatthemostlikelyplacetoexpectarejection.Thishashappened5/5timesnowandyouthinkthey’dlearnbuttheydon’t.
Foryourownsakefolk,waittilweactuallybreakouttostartrunningthosevictorylapsbecauseyou’reallgonnalooklikeidiotsifwebreakdownforthe6thtime.”
Source:CredibleCrypto/X
Attimeofwriting,Bitcoinistradingfor$65,907,upover5%ontheday.
GeneratedImage:Midjourney
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