Paxos Standard Enters Bullish Territory Long

Description

⋅ Jun 27, 2020 11:44 PM

Paxos Standard (PAXBTC), which we use as a reverse indicator for Bitcoin (BTCUSD), is now looking bullish.

First, we have the long wick on June 14.
This signals the first attempt to change the trend.

We have prices moving above EMA50, while EMA10 has been conquered for a few days.

The MACD is now on the bullish zone and the RSI above 50.

PAXBTC moves inverse to BTCUSD.
With Bitcoin bearish, Paxos Standard now looks bullish.

This is not financial advice.

Thanks a lot for reading.

Namaste.

Comments

Bodeman

⋅ Jun 28, 2020 1:38 AM

There are some pretty serious wicks up nearly where you have set the target. Take profit orders might be the ticket. Wondering how PAXG correlates t BTC?