PAXG/BTC in the upper end of the channel on the tail end of a sharp vertical move into major resistance .
- Short term price reversal likely. Short opportunity.
- Bullish scenario: Price consolidates underneath strong overhead resistance in a tight chop until price bars reach the bottom end of the channel, forming a tight triangle. **Either way this breaks could be violent, but I'd be biased towards a long in the scenario.
- Risk to Reward: If price definitively breaks above the .09475 resistance, then exit the short for a small loss. Partial Profit Taking to the downside is any touch of the bottom of the upsloping channel. If momentum is strong, this move could be pushed. When Bitcoin's upward volatility returns, it is probably going to return in a big big hurry.