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...
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...
Paxos Standard (PAXBTC) looking bearish today versus Bitcoin... This analysis is true only when the daily candle closes and if it does so below EMA300 (0.00014143).
Right now prices are moving below EMA10, EMA50, and EMA300, with EMA300 being the strongest of the three EMAs mentioned above.
Closing below this level can almost guarantee a test of EMA200/MA200...
Yesterday I looked at the Paxos Standard (PAXBTC) chart and saw some bearish signals, this told me that Bitcoin (XBTUSD) was about to move up... And so it happened.
Right now I am seeing some bearishness on this chart, seeing PAXBTC go down is another signal that Bitcoin can easily go up.
Conditions for change
If prices move and close above EMA10 (0.00015371),...
