Pyth Network Bullish Based On Marketwide Action
We do not have enough data here but the fact that a low was hit in July and was maintained in August and September this year is a signal of strength, it can also indicate that the bottom is likely in.
We've seen many of these charts, hundreds literally. A low is hit in July, then August, then September and some pairs are hitting new lows even now, in October... Here PYTHBTC bottomed in early July on a wick and no new lows have been hit.
Almost four months of consolidation, sideways, after the downtrend came to a halt. Considering marketwide action, the probabilities of a breakout favors the bulls.
If the entire market was producing similar patterns with all the pairs that move first breaking bearish, we would be bearish on this same chart setup. Since many pairs in this same category, Altcoins vs Bitcoin, are breaking bullish, we are bullish on this chart setup. That's a marketwide action signal for you.
Thus we are bullish on PYTHBTC, this pair can be traded with a tight stop-loss. Low risk, vs a very high potential for reward.
Namaste.
We've seen many of these charts, hundreds literally. A low is hit in July, then August, then September and some pairs are hitting new lows even now, in October... Here PYTHBTC bottomed in early July on a wick and no new lows have been hit.
Almost four months of consolidation, sideways, after the downtrend came to a halt. Considering marketwide action, the probabilities of a breakout favors the bulls.
If the entire market was producing similar patterns with all the pairs that move first breaking bearish, we would be bearish on this same chart setup. Since many pairs in this same category, Altcoins vs Bitcoin, are breaking bullish, we are bullish on this chart setup. That's a marketwide action signal for you.
Thus we are bullish on PYTHBTC, this pair can be traded with a tight stop-loss. Low risk, vs a very high potential for reward.
Namaste.
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