Updated
PAYUSD potential Parallel Channel & Top Head and Shoulders
PAYUSD has a potential Parallel Channel. It already has 3 valid contact and if the 4th become valid then we can expect it's next bullish movement with 5 target points (meaning potential heavy resistance points) on the way (1, 1.6, 2, 2.6, and 3)
Note
Looking at the hourly pattern we also can see a dangerous pattern, a top head and shoulder. Why this t-H&D is important? Because it is formed within another parallel channel which is broken from the bottom!
i.e. two strong signals for a decline in the value of this CC
Note
So I only buy if the 4th contact of the new channel is confirmed (If I'm not sleep by then -Australian time :-) - I will update you)Note
Still not clear which way it moves!Note
PAYUSD PAYBTC made a bullish candle within the new channel and validated the 4th contact with the channel support/resistant lines. >>> HOWEVER the t-H&S pattern is still valid and the bull movement could be only a pull back to the neckline of H&D!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.