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- 🚀 Gate Square Newbie Village · Episode 1 ✖️ @Ryakpanda Community
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$PEPE
a look at the 4-hour chart shows the consolidation is narrowing with two converging trendlines to make a triangular structure. After the August end drop, this triangular setup shows the formation pennant pattern.
Though the formation of this pattern suggests extended downfall, interested traders must prepare for a downside breakdown as a possible upside break will invalidate the selling thesis. Therefore, the range within the triangle can be considered a no-trading zone.
Source: Sahil Mahadik