I was asked to chart TRX. Might have to join binance!
TL;DR the downside is there but the upside is so much higher.
Buy any break above the hourly 20.
What this chart did was an important step: It made a 200 moving average on the 4h and is staying above it. It has been trending up since then.
It is trending up, the moving averages are joining closer.
It'll move, and most likely up.
A breakdown below would offer some nice buys as well but not below the 4h 200.
173 would be a buy if it bounces off it. The 0.236 fib.
129 might work ;that's the 0.236 for an even lower starting point. It's a bit challenging to put fibs on charts like these, where your bottom is a single-digit figure that you can't pinpoint visually.
I've drawn a bullflag here which it's looking to break out of to the upside for our first target at 527 , or flagpole at 575. If it shows signs of topping there - but not another bullflag - it might be time to take profits. If it doesn't stop, first target at 1.618 fib @ 645. Big target is 986 for now.
This is if these fibs make sense at all, which is a challenge. I'll put some grey ones on too .
Ok great! They line up pretty well. I've made sure the target boxes cover the area between both of them. so pay attention to the edges and put limit orders according to your own insights. I'm looking for it to keep the 242 level and would buy a close above and retest of 279 in a heartbeat. This would be your confirmation.
Good luck.
Buy any break above the hourly 20.
What this chart did was an important step: It made a 200 moving average on the 4h and is staying above it. It has been trending up since then.
It is trending up, the moving averages are joining closer.
It'll move, and most likely up.
A breakdown below would offer some nice buys as well but not below the 4h 200.
173 would be a buy if it bounces off it. The 0.236 fib.
129 might work ;that's the 0.236 for an even lower starting point. It's a bit challenging to put fibs on charts like these, where your bottom is a single-digit figure that you can't pinpoint visually.
I've drawn a bullflag here which it's looking to break out of to the upside for our first target at 527 , or flagpole at 575. If it shows signs of topping there - but not another bullflag - it might be time to take profits. If it doesn't stop, first target at 1.618 fib @ 645. Big target is 986 for now.
This is if these fibs make sense at all, which is a challenge. I'll put some grey ones on too .
Ok great! They line up pretty well. I've made sure the target boxes cover the area between both of them. so pay attention to the edges and put limit orders according to your own insights. I'm looking for it to keep the 242 level and would buy a close above and retest of 279 in a heartbeat. This would be your confirmation.
Good luck.
Comment:
Bought the breakout everyone?
Comment:
So, we've made a big move already. Is it done going up, or are we on track for targets?
We're watching it correct neatly on every wave up. The current retracement is at the 0.618 of the whole 3-wave move.
We might see 2 more waves and then an A-B-C correction. So two more waves up and then sell, then buy back in at the retest of support, if you're into swing-trading.
If not, just hold it. So far it's looking good. Is it a buy right here? Well, that depends on your timeframe. An A-B-C correction might drop higher than we are now, depending on 1) if it happens and 2) where from.
Basically, depending on your timeframe and when you bought in I would say either buy this dip, or hold on to what you already have. We might do something like; Touch 395, then retest 304 or the nearest hourly moving average. That's a good swing opportunity if you can watch it the whole day.
We're watching it correct neatly on every wave up. The current retracement is at the 0.618 of the whole 3-wave move.
We might see 2 more waves and then an A-B-C correction. So two more waves up and then sell, then buy back in at the retest of support, if you're into swing-trading.
If not, just hold it. So far it's looking good. Is it a buy right here? Well, that depends on your timeframe. An A-B-C correction might drop higher than we are now, depending on 1) if it happens and 2) where from.
Basically, depending on your timeframe and when you bought in I would say either buy this dip, or hold on to what you already have. We might do something like; Touch 395, then retest 304 or the nearest hourly moving average. That's a good swing opportunity if you can watch it the whole day.
Comment:
Potential hourly cup and handle pattern forming.
Projecting targets out from this pattern says we can see 545; Potentially a bit higher if you draw it from the lowest point out earlier in the cup instead. This puts us squarely in line for our bullflag target.
I think the upper 500's is still on as a target.
Projecting targets out from this pattern says we can see 545; Potentially a bit higher if you draw it from the lowest point out earlier in the cup instead. This puts us squarely in line for our bullflag target.
I think the upper 500's is still on as a target.
Comment:
Update;
Comment:
First zone reached, but did we top out? No. This looks like another bullflag from here.
