Could this be the bottom?
Price action has shown us that PYPL has been down trending for quite some time on the HTF. If we were to speculate this to be the bottom before a trend change we can point out that there is an inverted head and shoulder forming on the daily time frame, with $65 being our neckline.
We can confirm this market bottom with a break of the $65 neckline which currently coincides to the downtrend line & 200 EMA. A clear break, high volume, green candle past this area can be a great long confirmation.. Even better if it retests the area. Giving a long term bullish bias.
Recent news shows us
AMZN has dropped PYPL/VENMO as a form of payment yet market has a positive 2.2% in weekly performance and 8.49% in the monthly before a -4.29% in the monthly.
In the short term, it is very possible that price will reach $65 to complete the head. Id look into some call options to the $65 target with a stop loss break of $57.. small position here.
Thoughts?
Pure speculation, trade responsibly.
We can confirm this market bottom with a break of the $65 neckline which currently coincides to the downtrend line & 200 EMA. A clear break, high volume, green candle past this area can be a great long confirmation.. Even better if it retests the area. Giving a long term bullish bias.
Recent news shows us
AMZN has dropped PYPL/VENMO as a form of payment yet market has a positive 2.2% in weekly performance and 8.49% in the monthly before a -4.29% in the monthly. In the short term, it is very possible that price will reach $65 to complete the head. Id look into some call options to the $65 target with a stop loss break of $57.. small position here.
Thoughts?
Pure speculation, trade responsibly.
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