Price action has shown us that PYPL has been down trending for quite some time on the HTF. If we were to speculate this to be the bottom before a trend change we can point out that there is an inverted head and shoulder forming on the daily time frame, with $65 being our neckline.
We can confirm this market bottom with a break of the $65 neckline which currently coincides to the downtrend line & 200 EMA. A clear break, high volume, green candle past this area can be a great long confirmation.. Even better if it retests the area. Giving a long term bullish bias.
Recent news shows us
AMZN
has dropped PYPL/VENMO as a form of payment yet market has a positive 2.2% in weekly performance and 8.49% in the monthly before a -4.29% in the monthly.
In the short term, it is very possible that price will reach $65 to complete the head. Id look into some call options to the $65 target with a stop loss break of $57.. small position here.
Thoughts?
Pure speculation, trade responsibly.
We can confirm this market bottom with a break of the $65 neckline which currently coincides to the downtrend line & 200 EMA. A clear break, high volume, green candle past this area can be a great long confirmation.. Even better if it retests the area. Giving a long term bullish bias.
Recent news shows us
AMZN
has dropped PYPL/VENMO as a form of payment yet market has a positive 2.2% in weekly performance and 8.49% in the monthly before a -4.29% in the monthly. In the short term, it is very possible that price will reach $65 to complete the head. Id look into some call options to the $65 target with a stop loss break of $57.. small position here.
Thoughts?
Pure speculation, trade responsibly.