S_maansson

Pay/BTC (TenX buy opportunity)

Long
BITTREX:PAYBTC   TenX Pay Token / Bitcoin
Hello,

I believe I have idetified a buy opportunity in TenX , this would be a short term (a few days tops). As we can se in the graph TenX has followed the "tunnel"-pattern the last few days. And what we can see is that it bounces on and against the bottom / the floor. With exception on the 20th september. There are some similarities between the 20th and now. Both have broken the lower tunnel support and have also gone down to <30 RSI . In both these cases the price has jumped up again.

There are 3 scenarios according to me.
A, it breaches the floor of the tunnel supportline and from then continues on its bearish path.
B, The price reaches a point somewhere near the supportline (the red one), but not breaking it, and from there on continues its bearish path.
C, A significant increase in price will take place, potentially breaking the bearish pattern (unlikely imo). My guess in this scenario is that it will bounce on and off the red supportline.

TL:DR, a short term position with small gains. It can play out 3 ways.
Note: I am a beginner, I am here to learn. If you have any thing to share to support or oppose my prediction, feel free to share it!

Comments

Damn, that was an unexpected turn. If you hold TenX shortterm I'd advise you to look into selling them, as price correction definately will occur within the next day.
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