Collapse or Breakout?: TenX Pay Consolidation
Updated
TenX Pay Token has managed to stay above the max consolidation range in the 4HR data, although the level was breached. Currently it’s a coin toss with two possible tracks for this instrument. A breakout of the channel will stimulate price growth, but trading below the consolidation line will trigger selling.
We are in a downtrend channel, so trades would be countercyclical until we see a puncture of the descending channel.
This is the game plan on the 1HR:
Cheers and GLWT.
-Erik
We are in a downtrend channel, so trades would be countercyclical until we see a puncture of the descending channel.
This is the game plan on the 1HR:
Cheers and GLWT.
-Erik
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Consolidation line is broken again! Watch the trading range support...Comment
Maybe something like this?Comment
Collapsed....Comment
Reached target box. Here's the next one.Comment
RSI looks like its gearing up for more down?Comment
A countercyclical long trade for you hardcore Token traders :)Comment
We are out of the falling wedge, so up is possible to the crown reversal target. If we break the red support zone, we will see further down. Hitting bearish confirmation will drag it down further, then we have a second crown reversal zone :) This is how you make a plan!Comment
;)Comment
Supports are broken and RSI is making a sell signal?Comment
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Bearish confirmation!Comment
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Double bottom from crown reversal zone! New game plan:Comment
Nope, its not inverse head and shoulders!Comment
We formed a higher low and the RSI is giving us a buy signal...Comment
We broke out of the falling wedge but we are still in the descending channel so any trades here are countercyclical.Trade closed: target reached
Wahoooo... fibo extension reached! Let's wait for the next pattern.Comment
RSI making a sell signal? Head and shoulder still possible fyi. You can sell and wait to see what happens as up is limited right now.Comment
Ouff thats a sell signalComment
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:O crazy fakeout...RSI making a sell sig.Comment
If we can take a break at the fibo extension, we form another higher low. This should bring some buyers back and maybe we can form a lower high to complete the inverse h&s. I think a breakout to the upside is possible but the odds are low given capital is leaving the altmarket[Imgur](i.imgur.com/IJxJSa2.png)
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A little further down...Comment
right shoulder is folding?Comment
Haha, its one of those situations that, if we head toward the daily fibo extension and breach the trading range support, there is a very high likelyhood of a crash to NEAR ZERO as we have never traded that low and a support level will have to be found. So if you plan on keeping this token for a while, stop-loss should be removed and tokens stored offline. OR, you can set crazy buy orders somewhere down there (I've shown you where I have mine ;)Comment
A decision has to be made!Comment
Thread closed.Disclaimer
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