TenX Analysis – No Christmas reversal here

Christmas time is almost over so now its time to come back to trading. Money never sleeps, especially on the Crypto market. Wednesday starts for us with the analysis of the Ten X, which was previously mentioned here on the last day of August. Back in that day, we we had few bullish signs but we were not totally convinced as the price was still below the long-term horizontal resistance. This is what we wrote back then:

“PAY broken the down trendline (pink) and the upper line of the triangle (red). In theory that is positive but the thing is that we are still below the orange resistance. As long as we stay below the 0.68 USD, there is no buy signal here and most probably, the price will continue to fall. „

This area around 0.68 USD was not eventually broken. Buyers tried few times but they never made it. It was a clear sign for a reversal. The price was reversing sharply till the 7th of December, when the PAY reached lows around 0.2 USD. From that point, the price reversed initialing a bullish correction. The top of the correction was the pennant formation (black lines). Pennant supposed to end with the breakout to the upside but this option failed and the price declined. That is another sign of a weakness here, which forces us to look for the current target on the green or orange line. Our sentiment stays negative.