SpartaBTC

TRON Lateral movement. Possible formation of a double bottom.

BINANCE:TRXBTC   TRON / Bitcoin
As we see on the chart, the Descending Wedge was broken and thus began a lateral price movement, which formed a local maximum, which can act as the top of the Double Bottom figure.
Please note that this is a 1 week time frame.

It is worth noting that the Double Bottom is a reversal pattern, if it is confirmed (a break and price fixing above the level of resistance of the pattern), then it can reverse the lateral movement to an uptrend.

As we see from the history of the graph of this coin, this happened before the last pump.

The pivot points (zones) on which the development of price movements depends, I showed on the chart.

If the double bottom pattern is confirmed and an uptrend will develop, then the downtrend of the main trend (yellow line) will become a strong resistance to a possible uptrend.

ENTRANCE and TARGET
Entering the market after confirming the level of support. The observation area showed.
It is also possible to enter the breakout of the resistance of the “Double Bottom” figure or rollback after the breakout if this movement is confirmed. And the uptrend will develop. But then the potential profit is less.

Stop loss
Under key support levels during your entry into the market.
Do not forget to move Stop Loss during the price increase, but take into account the volatility of the coin.
Comment:     As we see a local small trend has formed a downward channel. Now the price is moving inside it to fall.
You can try to trade inside the downward channel.
The pitch of the main channel is 20%, the pitch of the inner is 10%.
Volatility inside the internal channel is acceptable (channel in the channel, its central part). Another option is to wait for more interesting entry points. Namely, a breakdown of the channel itself.
Comment: TRX / BTC Falling Wedge. Cycle. Work on a coin.
Comment: On the movement of the coin, at least write a book on TA. And all because of the skillful work of Justin Sun (the ability to sell himself and his non-existent product) + money that he has.
1) Breakdown of the downtrend line of the secondary trend trend (wedge resistance).
2) Formations above the trend line of a symmetrical triangle.
3) Breakdown of the triangle up.

From the entry point is already + 12%.
Trade closed: target reached: + 30% all according to plan.

Comments

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