đ Market Analysis:Pengu coin, Looks Good (Pt 4c)
đ§ Observations
Weekly Chart
đ Market is trading at the top of the previous weekly hammer.
⍠Within a day, price has reached the upper tail of the hammer.
Three-Day Chart
â ď¸ Rejection zone noted near the close of a previous three-day candle, signaling potential resistance.
Daily Timeframe
10-day Lookback:
A strong inverted hammer indicates this level could act as a supply zone.
đ Stochastic Oscillator:
Currently in the overbought zone, hinting at a potential price shift.
đ Candle Close:
If todayâs candle closes as another hammer, it may confirm rejection.
4-Hour Timeframe
đ Weakness Detected:
The 4H chart shows signs of slowing momentum.
đ Stochastic is in the oversold zone, suggesting a potential reversal or stabilization.
⥠Actions
đ Monitor Lower Timeframes:
Focus on 8H, 6H, and 4H charts to anticipate how the daily candle may close.
đ Stay Alert:
Look for confirmation of rejection before acting.
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Takeaways
1. đ Mixed Signals:
Weekly and daily suggest resistance, while the 4-hour chart hints at possible stabilization.
2. đľď¸ Patience is Key:
No confirmed direction yet.
3. đ Guided Action:
Updates will be shared in Time to Act Pt 2c for possible entry decisions.
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