Hallemahalle
Short

PAY reached old trend line

BITTREX:PAYBTC   TenX Pay Token / Bitcoin
PAY broke out of older downtrend channel (yellow-dot line) and retested old support at the main bullish trend line . I expect now a second retest of the trend line .

MACD indicates a change in movement, currently point upwards.
Stoch . RSI showing downwards.
Cloud is still bearish , the conversion line(blue) is below the base line(yellow). But its looking like a change in movement direction will happen soon.

A clear buy signal would be a perfect bounce from the trend line , conversion line and base line crossing and RIS and MACD showing upwards.

Stop loss should be below 46k Sat.
Kommentar: Due to SegWit2x BTC update, many alts are going down because a hardfork into Bitcoin and Bitcoin (Gold?) is expected. People are selling ALTS to get their BTC and receiving free Bitcoin Gold coins similar to what happend during Bitcoin Cash hardfork.
First, SHORT means short strategy, not timeframe. Second, I wouldn't buy yet. Buy orders should be placed if it bounces back from support and breaks out the triangle. Stop loss should be set to the bottom part of the triangle, around 46k as you said.
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@dirtyred,
I did not refer to the timeframe and I did not recommend to buy now. As you said, waiting for a bounce is important and then it depends on your trading strategy..some people like to buy before the break out occurs to max the profit, others like to buy when the break out is confirmed. I just wanted to point out signals which may indicates an upcoming breakout.
But thanks for the reply!
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dirtyred Hallemahalle
@Hallemahalle, Mostly I agree with your idea, I've been watching and waiting for this since days. But when you're publishing the idea you can select Investment strategy Long | Neutral /Short. By timeframe I mean that you selected short when in fact this is a long strategy. Short strategy means borrowing from someone, selling it right afterwards and buying it back when it gets cheaper and giving it back. The difference is your profit.
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@dirtyred,
Yeah thats right. But as i expect a further drop, going long now is not the best strategy. You can short until bottom is reached, close it and go long.
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