This is just a quick observation I thought I might share. The Trading View data for TRX:BTC only goes back as far as early January, so I have based this off a chart I put together in Coinigy. The red line is previous resistance which we will probably retrace from due to the fact that volume is dropping off and we are well and truly oversold after the bull run over the past 2 weeks. If we do retrace from here, and find ourselves falling with light volume within the small downtrend channel in black (or close enough to it as its difficult to guess exactly where this channel might form given it hasn't actually formed yet!), then we have ourselves a cup and handle that has been forming since January 9th. Note: The bottom line of the downtrend channel finishes at the 38.2% Fib level (729 sats) where we have support.
If this pattern completes, and we break up out of the top of the channel and confirm above the rim in the highlighted buy zone with supporting volume; then we have a target of 1558 sats. This would represent a massive 50% profit (or there abouts) depending on where you buy within the buy zone. If you are super risky (which I wouldn't recommend!) you could buy at the bottom of the down trend channel and aim for 70-80% profit if the target is reached, making sure you of course set a stop loss below it in case this pattern doesn't actually form. However I totally would not recommend this approach!
In addition, please note the green arrows are not meant to show exactly where the price will go. I add these in only as an indicative and generalized direction!! So long as we form a slight downtrend channel with light volume, then we could definitely be on to some nice rewards!
Again I must stress this is just an observation of something that might be forming. The next week will tell us more, so first we look for a retrace in the next day or two from the red resistance line and see if we start to form our handle. If this does occur, I will be sure to provide an update which will most likely be on a new chart so we can examine our channel more specifically.
Cheers
If this pattern completes, and we break up out of the top of the channel and confirm above the rim in the highlighted buy zone with supporting volume; then we have a target of 1558 sats. This would represent a massive 50% profit (or there abouts) depending on where you buy within the buy zone. If you are super risky (which I wouldn't recommend!) you could buy at the bottom of the down trend channel and aim for 70-80% profit if the target is reached, making sure you of course set a stop loss below it in case this pattern doesn't actually form. However I totally would not recommend this approach!
In addition, please note the green arrows are not meant to show exactly where the price will go. I add these in only as an indicative and generalized direction!! So long as we form a slight downtrend channel with light volume, then we could definitely be on to some nice rewards!
Again I must stress this is just an observation of something that might be forming. The next week will tell us more, so first we look for a retrace in the next day or two from the red resistance line and see if we start to form our handle. If this does occur, I will be sure to provide an update which will most likely be on a new chart so we can examine our channel more specifically.
Cheers