Let's take another look at target projections for TRX.
We've seen a bullflag form and being broken out of. Here are two different flagpoles and therefor two different targets for it.
We also see a potential cup and handle forming.
Finally, there are two trendlines drawn between peaks, which would offer very serious resistance. It would be tough to get through the first of them, and i would say that it ought to be impossible, or at least a very serious sell signal, to reach the second.
So, the first level to point out is an interesting one:
The cup and handle projection has a target that lines up quite neatly with the first trendline, at 544.
This level is also very close to one of the bullflag projections, at 567. This would be our first target, and I would urge caution here; this would be a good reversal zone for the short term. We may retest some earlier fibs there before deciding wether to go higher.
Should we make it through, I really like 669 as a target. It is just over the larger bullflag target. Drawn as a zone it reaches from 643 to 700, owing to the fib from the larger move that the flagpole is drawn from also.
However; if we do make it above the first trendline I would be looking for a topping pattern before selling here, as we may touch the upper trendline, which offers lots of big fat fibs on the way to put sell orders in.
Don't expect it to ever get above that trendline tho. I wouldn't buy in if we got above the first red line.
Also sell:
an hourly - or even a 15 minute - cross of the 20 underneath the 50 moving average.
An hourly break below the 20 moving average.
And if you wanted to; the first red heiken-ashi on the 15 minute timescale, and buy back in lower; every wave is 10-30% of the value. That is some juicy profit to be taking on the way up if you're into swinging.
We've seen a bullflag form and being broken out of. Here are two different flagpoles and therefor two different targets for it.
We also see a potential cup and handle forming.
Finally, there are two trendlines drawn between peaks, which would offer very serious resistance. It would be tough to get through the first of them, and i would say that it ought to be impossible, or at least a very serious sell signal, to reach the second.
So, the first level to point out is an interesting one:
The cup and handle projection has a target that lines up quite neatly with the first trendline, at 544.
This level is also very close to one of the bullflag projections, at 567. This would be our first target, and I would urge caution here; this would be a good reversal zone for the short term. We may retest some earlier fibs there before deciding wether to go higher.
Should we make it through, I really like 669 as a target. It is just over the larger bullflag target. Drawn as a zone it reaches from 643 to 700, owing to the fib from the larger move that the flagpole is drawn from also.
However; if we do make it above the first trendline I would be looking for a topping pattern before selling here, as we may touch the upper trendline, which offers lots of big fat fibs on the way to put sell orders in.
Don't expect it to ever get above that trendline tho. I wouldn't buy in if we got above the first red line.
Also sell:
an hourly - or even a 15 minute - cross of the 20 underneath the 50 moving average.
An hourly break below the 20 moving average.
And if you wanted to; the first red heiken-ashi on the 15 minute timescale, and buy back in lower; every wave is 10-30% of the value. That is some juicy profit to be taking on the way up if you're into swinging.
Comment:
Well, it touched the bottom of the second target, and even with bitcoin surging we're within a hair of the first target's zone. CCI is still showing bullish divergence and the RSI is in the bottom. I'd say this moonbuggy is ramping up for another go at that next trendline.
Comment:
We've touched the red line. I'm selling. Expect a correction, or at least a lower buy entry.
Trade closed: target reached:
But we've got space on the upside still. I just like taking profit at this point.
Comment:
If you are getting back in, put a stoploss order at 1018 satoshi
Comment:
Perhaps i'm too early on it. I think this chart has played out, but the coin itself may well go higher: That upper trendline was just a touch before, now it's becoming something of support, at least in the short term. It's looking more like a stall than a top.
