#PEPE is forming a nice HTF range. The 2nd tap took out the 1st tap (sign of accumulation (HTF).$PEPE
Ideally, we want price to mitigate the supply above, then slowly step down, leaving liquidity ,not another aggressive move like the 2nd tap. Would make for a solid accumulation structure.
There are 3 possible scenarios now if ETH continues higher and doesn’t start distributing here (imo, we’re likely to go higher, especially since $USDT.D hasn’t yet reached its technical target.):
1. Price may mitigate the supply zone above, then return to take out any future extreme liquidity, or bounce from an future extreme demand zone after mitigation. (blue line)
2. Grab the liquidity from the 2nd tap zone, potentially mitigate the POI there, and then bounce. (black line)
3. Just keeps pushing higher if $ETH maintains momentum (green line).
Once we flip that supply structure above, we could see a much stronger move to the upside.
