🌞 Update market [4/12] [PENGU]. 💵
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📉 Technical analysis & Momentum (H1 timeframe):
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The PENGU/USDT chart (image 3) is showing a typical "Oversold Bounce" setup, very suitable for scalping style with high profit margins:
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The Stoch RSI indicator has touched "Extreme Bottom": This is the most valuable signal right now. The two signal lines have dropped to levels 0.16 - 2.14. This is a record low, indicating that sellers have overly panicked (Panic Sell). According to the spring principle, when compressed too much on one side, the price tends to bounce back strongly to find a balance point.
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Divergence with Ichimoku Cloud: The price is currently below the cloud and quite far from the Tenkan-sen line (green line). In Ichimoku, when the price moves too far from the moving averages, it tends to be "pulled" back towards the Tenkan (around 0.0119) to fill the price gap.
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Price Action: After a strong drop, the nearest candles began to wick and the candle bodies shrank, indicating that the downtrend has been halted. The area around 0.0115 is serving as a strong psychological support.
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👉 Mindset: Do not chase shorts when the indicator has reached 0. This is the accumulation zone of "Smart Money" to catch a rebound wave.
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RECOMMENDED POSITION
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🐧 LONG ENTRY: 0.01155 - 0.01165 (Current price range).
🛑 SL: 0.01110 (Stop loss if the price breaks the recently created low wick).
❄️ TP1: 0.01210 (Short-term resistance zone).
❄️ TP2: 0.01250 (Test the bottom of the red Kumo cloud).
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This article is just a market information suggestion, not an investment call! #DYOR #NFA $PENGU
