TRX is poised for a breakout, and with the upcoming events (Test Net, Coin Burn, Mainnet Launch), we're going to be quite explosive in momentum.
Black horizontal lines are existing resistances, and beyond that, I've drawn fibos from our most recent low to our ATH.
There are two things you can do-
1) Buy now and HODL, and profit take at my three target zones (1184, 1642, and 2052)- we will eventually hit each target, but depending on your trading agenda, each trade comes with an increase in risk. If you're looking fro short term gains, I wouldn't push my luck much beyond 1184. You could head for 1642, but there will likely be some pullback in between that.
2) Wait for entry points. If we breach 625, I would ABSOLUTELY go long, as that's enough to give us confirmation we need. Otherwise, wait for entries at 475 and 430, respectively. We six days before the coin burn and Main Net, and we're quite overbought on the RSI, so something tells me that we'll see those levels within the next few days. For what it's worth, the percent gain for buying at 430 versus the current price of 555 as I write this is quite substantial (upwards to 100% more of an increase). Do what you're most comfortable with, but realize that this IS going up, and gains are imminent.
Black horizontal lines are existing resistances, and beyond that, I've drawn fibos from our most recent low to our ATH.
There are two things you can do-
1) Buy now and HODL, and profit take at my three target zones (1184, 1642, and 2052)- we will eventually hit each target, but depending on your trading agenda, each trade comes with an increase in risk. If you're looking fro short term gains, I wouldn't push my luck much beyond 1184. You could head for 1642, but there will likely be some pullback in between that.
2) Wait for entry points. If we breach 625, I would ABSOLUTELY go long, as that's enough to give us confirmation we need. Otherwise, wait for entries at 475 and 430, respectively. We six days before the coin burn and Main Net, and we're quite overbought on the RSI, so something tells me that we'll see those levels within the next few days. For what it's worth, the percent gain for buying at 430 versus the current price of 555 as I write this is quite substantial (upwards to 100% more of an increase). Do what you're most comfortable with, but realize that this IS going up, and gains are imminent.
Comment:
Looks like the EMA 50 on the 4H and the 200 on the 1H brings us around 470 sats. Might want to set that as your buy target instead.