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

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Consolidation line is broken again! Watch the trading range support...

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Maybe something like this?

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Collapsed....

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Reached target box. Here's the next one.

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RSI looks like its gearing up for more down?

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A countercyclical long trade for you hardcore Token traders :)

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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!

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;)

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Supports are broken and RSI is making a sell signal?

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Bearish confirmation!

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Double bottom from crown reversal zone! New game plan:

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Nope, its not inverse head and shoulders!

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We formed a higher low and the RSI is giving us a buy signal...

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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.

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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.

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Ouff thats a sell signal

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:O crazy fakeout...RSI making a sell sig.

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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...

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right shoulder is folding?

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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 ;)

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A decision has to be made!

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Thread closed.

Trader6127

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