✨🎉$PAXG USDT - Short-Term Analysis (1-hour timeframe) I've seen a significant bullish move, and the price is currently showing some signs of consolidation around the highs.
Current Price (as per image): $3,387.24
Observations:
* Strong Uptrend: The asset has been in a clear uptrend, marked by consecutive green candles.
* High RSI: The RSI(6) is at 80.82, indicating that the asset is heavily overbought in the short term. This suggests potential for a pullback or consolidation.
* SAR Points: The Parabolic SAR (SAR(0.02, 0.2)) is at $3,365.99, currently below the price, confirming the uptrend. However, if the price drops below this, it could signal a reversal.
* MACD: The MACD lines (DIF: 19.64, DEA: 16.71, MACD: 2.93) are positive and show bullish momentum, but the histogram seems to be showing signs of slowing momentum as the lines are converging slightly.
Potential Scenario:
Given the overbought RSI and the strong recent pump, there's a possibility of a short-term pullback before a continuation of the trend, or further consolidation at these levels.
Trading Plan (Aggressive - Long Entry on Retracement):
* Entry Point Target: I would look for a potential retracement to around the $3,370 - $3,375 area, or potentially even closer to the SAR line around $3,365.99. This would offer a better risk/reward entry if the uptrend continues.
* Target (Take Profit):
* First Target: Previous high around $3,391.00.
* Second Target: If momentum continues, I would look for price discovery above the previous high. A psychological target could be $3,400.
* Stop Loss: A tight stop-loss could be placed just below the SAR line or a key support level. I would consider placing it around $3,355 - $3,360 to protect against a deeper pullback or trend reversal.