I'm going to make this [s]pencil[/s] PayPal disappear.
PayPal is sitting at an over 6 year low. A blue chip stock, sitting at a 6 year low. It is also sitting on an RSI level that twice before caused *at least* a bounce, very near oversold.
on the monthly.
It is also respecting a glaringly obvious price channel.
Also, if one were to draw fibs from the very start of PayPal's history to the very tippy top, you would get some interesting price levels, but PayPal would be well below, well, all of them. What about these?
Crypto seems to potentially be exiting a bear market, coinciding with Bitcoin's Halvening which according to buybitcoinworldwide.com/halving/ occurs in approximately 165 days, 5 hours, 15 minutes, and 7 seconds.
I will be entering a long term position on PayPal tomorrow. For what it's worth, check out what happened last (and my only) time I made an idea for PayPal. It DISAPPEARED!
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Well, here we are, almost a month later.
wat we sayin boyos
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Oh yeah
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4h
1d
weekly
Closed my position because I'm really not liking what I'm seeing right now. The 4h chart looks to be struggling to make a new high. The volume in today's daily candle is only a bit shy of what it was on Friday, yet almost no progress price-wise. It is also very near 60 RSI and it seems to be potentially bear flagging. The weekly chart is showing hidden bearish divergence right under 50 RSI.
I am now out of position. I repeat, I am now out of position. I'm actually *trading*
It’s more likely to come back down to retest the lows, possibly all the way down to $43. It remains in a downtrend.
MC_Peewee
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@DeathstrokeTerminator, Although lows being tested happens quite frequently, $43 is a bit much I think. Originally that was my possible thought as well I will admit. Yet PYPL has already hit -84% from the ATH. Those are Bitcoin levels of dip, but on a blue chip stock. This isn't some low cap asset we're talking about, or a penny stock.
As for lows being tested, I see that as a decent possibility, but for now at least it is fairly clear that buyers are in control. By all technical means, PYPL is indeed in downtrend, but today it ran above and is so far holding the center line of the channel. Obviously nothing concrete here to say that PYPL has broken its bear market, but it is showing very early signs of that possibility.