I'm usually not the biggest fan of TRX, however, I think we are presented with an incredible trading opportunity. First of all, there is a major cup and handle formation on the 1D and we are about the complete the handle (bullish breakout), with a confirmation of breaking out around 1,060-1,070 sats. Also to say we recently had a golden cross on the 1D and momentum is starting to become pretty bullish on TRX. Now let's look at the smaller picture on the 4H. We just had a golden cross and the short term looks like TRX may be fighting that key 1,000 sat resistance that has kept it down for a while. RSI is moving up steep, it will creep into the overbought zone although if you line up the previous time we fell into this zone (indicated by my rectangle), you can see we had a tiny dip before shooting back up to the resistance point. That being said, the mainnet release is in 5 days (May 31st) which is driving up the price. Bollinger bands on both charts are also starting to get tighter. TRX is a hype coin, it has a huge following and is very prone to pumping no matter how seriously people take the project.
There are two accumulation zones we can try, the first is risky in which you may buy a bit high and could experience a dip before we break out. The other is that we wait for a dip, however, based on the last pattern TRX took that dip may not happen and you could miss out on the train. So I will give both of my accumulation strategies below.
Risky Accumulation: Either buy into it while it is fighting 990-1,000 sats, honestly I enjoy biting into the walls at "major resistance" so if we reach the 1,000 sats point I will probably contribute to knocking down that wall as that could cause it to explode.
Safer Accumulation: Less likely it will dip this far, but the price has the possibility to drop down to the 940-960 sat zone before it completes the cup and handle.
Stop Loss: I am setting the stop loss below our resistance line and psychological support at 899 sats.
Targets: There are no current targets, I'm shooting pretty high on this one just because it is TRX.
Here is what the 1D chart looks like: i.imgur.com/N3uiD0M.png
There are two accumulation zones we can try, the first is risky in which you may buy a bit high and could experience a dip before we break out. The other is that we wait for a dip, however, based on the last pattern TRX took that dip may not happen and you could miss out on the train. So I will give both of my accumulation strategies below.
Risky Accumulation: Either buy into it while it is fighting 990-1,000 sats, honestly I enjoy biting into the walls at "major resistance" so if we reach the 1,000 sats point I will probably contribute to knocking down that wall as that could cause it to explode.
Safer Accumulation: Less likely it will dip this far, but the price has the possibility to drop down to the 940-960 sat zone before it completes the cup and handle.
Stop Loss: I am setting the stop loss below our resistance line and psychological support at 899 sats.
Targets: There are no current targets, I'm shooting pretty high on this one just because it is TRX.
Here is what the 1D chart looks like: i.imgur.com/N3uiD0M.png