#PaxGold is a digital asset where one token is backed by one fine troy ounce of gold bar.
Right now price is holding on parallel channel support, I believe it's a great opportunity to hedge some Bitcoin after such bull run!
Current Price= 0.14543
Buy Entry= 0.14300 - 0.14628
Take Profit= 0.15235 | 0.16302 | 0.16798
Stop Loss= 0.13693
Risk/Reward= 1:1 | 1:2.38 |...
Paxos Standard (PAXBTC) is now showing multiple bullish signals and a clear bullish breakout is about to take place.
Let's start by looking at the chart patterns and signals.
1) We have the "Cup pattern", which is bullish in nature.
2) We also have the "3 Heads pattern" which is also known as "Inverse Head & Shoulders", also bullish.
For the chart...
About Paxos Standard
Paxos Standard (PAX) is a stablecoin that allows users to exchange US dollars for Paxos Standard Tokens to 'transact at the speed of the internet'. It aims to meld the stability of the dollar with blockchain technology. Paxos, the company behind PAX, has a charter from the New York State Department of Financial Services, which allows it to...
Pattern: Channel Up on 1D.
Signal: Bullish as the price reached the Higher Low trend line of the pattern. The RSI is also on the 5 month Support Zone.
Target: 0.000165 (just below the April 23, 2019 symmetrical Resistance).
Note how volume response to support and resistance violation on chart. Support moved up, so next bullish bounce should be from 3970-3980. Lower values will take it back to ~3940 - 3900.
Fingers crossed for breakout