Doji shooting star time to correctRSI is showing a bearish divergence on the daily with an overbought area and a lowered volume indicating a buying exhustion.
I expect a retrace, question is where are the decent areas to look to re enter??
Well, now we can look at volume and levels of interest.
So, we have a gap on the point of control and even though I dont think it is gonna fill it or even touch it we must consider it and prepare for the scenerio.
if it goes there and partly fills that area (5.54) its still bullish and should enter.
that means that even though there are a lot of people who expect it to fully fill and sell short the buyers were enough to defend that area and get rid of the pressure.
So, that is scenerio 1 which imo is unlikely.
Second more likely scenerio is: we go and retest area value high and create value there as the new area value low or POC: 6.25 a healthy retracement after breakout and it is also the fair value gap area, when it gets to that area you would like to see some hidden or regular bullish divergences.
marked the level as support with a blue circle, it confluences with fibs levels and vwap crazy!.
another scenerio is if we hold 7 usd without cleaning all these bad lows or yes cleaning them (if we support at 0.5 fib and not at 0.382)
to me its unlikely because price is somewhat too expensive still compared to the value it had through the past couple of years so retesting previous levels is likely.
im bullish on payo and i intend to add depends on how the price will act as it approaches these levels. i hope you all enjoyed my analysis.
