PAYBTC seems to be stuck in a descending triangle and seems reluctant to move upwards.
Much of this is FA-driven, I believe.
PAY wasn't doing too badly until the BTC/USD bear, and its losses were exacerbated when it was de-listed by at least one cryptocurrency exchange in China.
There aren't many strong supports (if any) below these levels. Once PAY breaks out of this triangle it should move quite quickly upwards given the resistance levels (a few of which I've indicated) but it may require a news catalyst or something of that sort in order to break out of the triangle.
***
I'm a beginner to charting and TA. I will add more indicators as I learn them to a satisfactory level and deem appropriate for the chart. Feedback always welcome.
Much of this is FA-driven, I believe.
PAY wasn't doing too badly until the BTC/USD bear, and its losses were exacerbated when it was de-listed by at least one cryptocurrency exchange in China.
There aren't many strong supports (if any) below these levels. Once PAY breaks out of this triangle it should move quite quickly upwards given the resistance levels (a few of which I've indicated) but it may require a news catalyst or something of that sort in order to break out of the triangle.
***
I'm a beginner to charting and TA. I will add more indicators as I learn them to a satisfactory level and deem appropriate for the chart. Feedback always welcome.
Note
Ouch. PAYBTC seems to have broken the support of the descending triangle. Perhaps I was too optimistic when I used the term "reluctant to move upwards."
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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.