Gold-backed $PAXG is feeling the heat! 🔥 After a massive rejection from the $5,600 ATH earlier this year, the 4H chart shows a structural breakdown.
Key Technicals:
* 5M View: Bearish CHoCH confirmed at $4,500. Currently consolidating after a sharp drop.
* Support: Watching the $4,300 "Weak Low" closely. A break here could open the doors to $4,100.
* Resistance: Heavy supply sitting at $4,477 (previous support turned resistance).
The safe-haven narrative is being tested as $BTC gains dominance. Stay sharp! 🛡️
Trade Position: Short Scalp ⚡
* Bias: Bearish (Short)
* Entry Zone: $4,380 – $4,420 (Looking for a retest of the broken 5m support).
* Take Profit 1: $4,310 (Recent swing low).
* Take Profit 2: $4,260 (Psychological support/Demand zone).
* Stop Loss: $4,485 (Above the recent 5m lower high and the $4,477 horizontal level).
PAXGUSDT
Perp
4,455.4
-0.95%