PAYUSD potential Parallel Channel & Top Head and Shoulders
Updated
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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