PAXGUSDT Gold 4H Timeframe
Current Situation
Price is currently 4536 and has broken below the important 4600 level. That level has now turned into resistance.
---
Resistance Levels Selling Zones
Level: 4580 to 4600
Strength: Very Strong
Comment: Broken support now resistance
Level: 4670 to 4700
Strength: Strong
Comment: Previous consolidation area
Level: 4780 to 4820
Strength: Very Strong
Comment: Multiple highs zone
Level: 4880 to 4920
Strength: Major
Comment: April major high
Level: 5000 to 5050
Strength: Major
Comment: Psychological level and previous swing
---
Support Levels Buying Zones
Level: 4500 to 4520
Strength: Immediate
Comment: Near current price important
Level: 4430 to 4460
Strength: Strong
Comment: May low and order block area
Level: 4250 to 4280
Strength: Very Strong
Comment: Strong demand zone
Level: 4150 to 4200
Strength: Major
Comment: March absolute low strongest support
---
Trading Bias
Short term: Slightly bearish unless price moves back above 4600.
If 4500 breaks then price may drop quickly toward 4430 to 4280.
If price closes convincingly above 4600 a bullish reversal is possible.
My Opinion on PAXGUSDT 4H Chart
Current bias is slightly bearish to neutral.
Price has broken below the important 4600 level and momentum looks weak. I do not recommend aggressive short selling right now. The higher probability trade is to buy from strong support.
Best Trade Setup Right Now
1. Preferred Setup: Long
Entry: Buy near 4510 to 4535
or
Best entry zone: 4440 to 4470
This is a strong support area where price can bounce.
Trade Details:
Entry: Buy between 4440 and 4470
Stop Loss: 4390
First Target: 4580 to 4600
Second Target: 4670
Third Target: 4780 to 4820
This setup has very good risk reward.
Only take short if price breaks and closes below 4500 and then retests 4500 as resistance.
Entry: Short
Entry: 4490 to 4510
Stop Loss: 4555
Targets: 4430 then 4280 then 4200
Final Recommendation:
My favorite trade is to wait for the 4440 to 4470 zone for long entries. This is the cleanest setup with better risk to reward.
Current Situation
Price is currently 4536 and has broken below the important 4600 level. That level has now turned into resistance.
---
Resistance Levels Selling Zones
Level: 4580 to 4600
Strength: Very Strong
Comment: Broken support now resistance
Level: 4670 to 4700
Strength: Strong
Comment: Previous consolidation area
Level: 4780 to 4820
Strength: Very Strong
Comment: Multiple highs zone
Level: 4880 to 4920
Strength: Major
Comment: April major high
Level: 5000 to 5050
Strength: Major
Comment: Psychological level and previous swing
---
Support Levels Buying Zones
Level: 4500 to 4520
Strength: Immediate
Comment: Near current price important
Level: 4430 to 4460
Strength: Strong
Comment: May low and order block area
Level: 4250 to 4280
Strength: Very Strong
Comment: Strong demand zone
Level: 4150 to 4200
Strength: Major
Comment: March absolute low strongest support
---
Trading Bias
Short term: Slightly bearish unless price moves back above 4600.
If 4500 breaks then price may drop quickly toward 4430 to 4280.
If price closes convincingly above 4600 a bullish reversal is possible.
My Opinion on PAXGUSDT 4H Chart
Current bias is slightly bearish to neutral.
Price has broken below the important 4600 level and momentum looks weak. I do not recommend aggressive short selling right now. The higher probability trade is to buy from strong support.
Best Trade Setup Right Now
1. Preferred Setup: Long
Entry: Buy near 4510 to 4535
or
Best entry zone: 4440 to 4470
This is a strong support area where price can bounce.
Trade Details:
Entry: Buy between 4440 and 4470
Stop Loss: 4390
First Target: 4580 to 4600
Second Target: 4670
Third Target: 4780 to 4820
This setup has very good risk reward.
Only take short if price breaks and closes below 4500 and then retests 4500 as resistance.
Entry: Short
Entry: 4490 to 4510
Stop Loss: 4555
Targets: 4430 then 4280 then 4200
Final Recommendation:
My favorite trade is to wait for the 4440 to 4470 zone for long entries. This is the cleanest setup with better risk to reward.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.