Vasques

TRX Rally - Correction Incoming?

BINANCE:TRXBTC   TRON / Bitcoin
Analysis on the Hourly:

Here we can see a shooting star formed with high volume , this indicates that a lot of selling was done at this point.

If we watch the rsi closely, it formed a double top , which indicates going down.

Now there's two possibilities:

1) Either it keeps going up and touches 652-655 ( Fibonacci cluster ) ,

2) Or we have a short-term correction to the 570-575.


If 2) occurs, we need to watch that level closely, and find a bullish candle with good volume in order to enter a possible trade to 652-655.

Also, keep in mind that in the 4 hour timeframe, if it forms a hanging man , most likely 2) will occur.

I will keep updating!

If you want to share your ideas , comment down below and like if you enjoyed this analysis.
Comment: It did the second possibility and rebounded in the fibonacci cluster as predicted
Trade closed: target reached: As told in the analysis, it touched our take profit of 652-655.

I will post a new chart if anymore trading opportunities occur.
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