A handle may be forming during this pullback on TRX. We'll see what today and tomorrow bring, see if we make a beeline back for the rim of the cup.
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I thought it looked shallow, so I redid the math. And confirmed that I made a mistake. Updated target to 0.00001725
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This is actually a really good looking C&H
Take a look at the updated image below.
Just as a lesson, it's obviously too late now, but you will sometimes notice a smaller cup that forms in the middle of the bigger cup. (Seen numbered in Green). When the trendline breaks above that small handle (3), that's your first buy signal.
TRX triggered an early buy, by crossing above the handle's downtrend line (purple).
But that's riskier, especially with the state of BTC these days. I wouldn't trade that yet.
Conservative traders will wait for the breakout above the rim of the large cup.
A good stop loss is the lowest point on the handle (red)
Prices action often tries to retest rim of cup. So keep an eye on your targets and don't let it retrace on you.
Good luck, have fun.
Take a look at the updated image below.
Just as a lesson, it's obviously too late now, but you will sometimes notice a smaller cup that forms in the middle of the bigger cup. (Seen numbered in Green). When the trendline breaks above that small handle (3), that's your first buy signal.
TRX triggered an early buy, by crossing above the handle's downtrend line (purple).
But that's riskier, especially with the state of BTC these days. I wouldn't trade that yet.
Conservative traders will wait for the breakout above the rim of the large cup.
A good stop loss is the lowest point on the handle (red)
Prices action often tries to retest rim of cup. So keep an eye on your targets and don't let it retrace on you.
Good luck, have fun.
Comment:
Sorry, let me post that image a little better framed!
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Here's the downtrend on the handle, 4h chart.
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The handle is continuing to form nicely on the daily chart.
Indicators are showing some good strong buy signals. Especially that Williams %R.
For aggressive trading, this would be a good time to buy.
Conservative traders should continue to wait for the breakout above the rim of cup.
Indicators are showing some good strong buy signals. Especially that Williams %R.
For aggressive trading, this would be a good time to buy.
Conservative traders should continue to wait for the breakout above the rim of cup.