PAY/USD cup and handle - TenX ready to explode!
Updated
PAY/USD is showing a cup and handle formation like the one you'd see as example in a trading book.
This pattern is very bullish, especially since TenX has been consolidating for a long time, an upward move looks very likely.
Both the RSI and the MACD in the daily chart indicate an increase in momentum.
The MACD also looks like it is about to turn bullish (it is about to become positive).
If the price of TenX manages to break past the previous resistance at 3.19$, I think we will revist the 5$ level.
Entry level could be now or at the 3.2$ level (with a smaller reward to risk ratio).
Stop loss should be put at 1.4$.
Take profit could be at around 4.8 to 5$.
This is not financial advice, this is just my opinion. Any comment is appreciated!
This pattern is very bullish, especially since TenX has been consolidating for a long time, an upward move looks very likely.
Both the RSI and the MACD in the daily chart indicate an increase in momentum.
The MACD also looks like it is about to turn bullish (it is about to become positive).
If the price of TenX manages to break past the previous resistance at 3.19$, I think we will revist the 5$ level.
Entry level could be now or at the 3.2$ level (with a smaller reward to risk ratio).
Stop loss should be put at 1.4$.
Take profit could be at around 4.8 to 5$.
This is not financial advice, this is just my opinion. Any comment is appreciated!
Trade active
Flag formation is building up in the 4h chart. PAY is finally ready to fly!Comment
To infinity... and beyond! The last chandlestick closed was a hammer, another sign that bulls don't want to give up to bears!Comment
Price has broken past resistance at 61.8% Fib. retracement, pulled back till 50%, and bounced back above 61.8%. Target is getting closer.Comment
Due to the usual FUD of the "Bitcoin crash" (If falling 15% after rising 250% in 35 days can be called a crash), people have also sold some alts. I believe that in the great scheme of things, this is simply a small correction and I don't think there is (yet) reason to believe the trend will reverse. I have added more to my position at the 50% fib. retracement, in fact. Until we hold that level, the price is still showing a cup and handle formation.Comment
It looks like the 50% Fib. retracement has not been breached (although price hit the 38.2% Fib. retracement briefly, congratulations to who bought it at that level!). The target should be hit shortly.Comment
Bitcoin always ruins the party!Trade closed: target reached
TARGET REACHED (and surpassed!).Disclaimer
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