Phayde
Short

Short-term BULLish TRX/TRON - BTC

BINANCE:TRXBTC   TRON / Bitcoin
Hello all!

This is my first public analysis of why I am BULLish of TRX             these next few days/week.

I have been researching/learning/practicing technical analysis for about 3-4 months now, so basically, I don't know shit.

Therefore,

Any and all critiques and advice are welcome and appreciated!

Analysis:

Bullish Tri-Star formation: potential sign of a bullish reversal

Tri-star formation has the best performance when it is a part of a small downward retracement in a primarily upward price trend.

Piercing Line pattern:
A Piercing Pattern occurs when a bullish candle on Day 2 closes above the middle of Day 1's bearish candle.

Need additional indicators to confirm a bullish trend , such as a break in the downward trendline .

Lastly, BULLISH squeeze alert!
This is a three-day bullish reversal pattern. It was developed because of the frequent event where prices can break to the upside following this pattern, especially if the pattern is preceded by a strong downside move.

lower highs and higher lows consecutively

I will update this analysis as I watch TRX             these next couple of days.

Within the next week:

Target 1: ~505 sats            
Target 2: 600 sats            





Comment: Realized I incorrectly called the Tri-star formation. The body of the 2nd doji needs to be below the other two. That third doji was a gravestone doji that predicted the downward trend it went on.

However, Piercing line and Bullish squeeze alert still remain.
Comment: Looking good! Bounced faster than expected, 500 sats target 1 still.
Comment: Target 1 hit as predicted.
Trade closed: target reached: Target #2 hit: 600 sats

Buy-in : 410 sat
SOLD target #1: 500 sats, ~22% profit trade
SOLD target #2: 600 sats, 46% profit trade

Took ~5 days, faster than expected of my within 1 week prediction.
Still in a bear trend. BTC and ETH retracing up causing bull trap. Until we can get crossovers on moving averages upwards with higher lows, we'll remain in bear market. Hopefully we get out of this bear soon. High hopes for TRX.
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