Braller

TRX continues in downward channel, bounce targets visible

BINANCE:TRXBTC   TRON / Bitcoin
TRX is now at the 0.786 retracement level of the previous upswing. There's a chance that it will bounce now. While TRX may have a few days of relaxation and upswing and may even touch 520, I believe that the trend continues to the downside in this channel for a few more weeks. The channel and volume profile indicates that a bounce is likely around 360 - 350 sat somewhere late in may or in june. The upswing may then halt later in the year at the triangle's top on the weekly timeframe which is at 700 sat. A breakthrough there depends on if BTC itself is revisiting old highs.

350 to 700 isn't a massive gain in crypto, but once and if TRX reverses at 360/350, it will typically see good volume and tends to follow a reliable pattern following channels and fibonacci levels. Which makes it an interesting and safe target for swing and scalp traders.

TRX remains an interesting and highly controversial coin and business, no matter the status of its technology it has shown ability to create business and hype and looks set to do well if BTC has found bottom.
Trade active: Decline looks likely to continue to 360/350 without the bounce of the last few days making it anywhere near 500, reason is the vacuum effect of BTC's bullishness on the entire altcoin market. There still is a chance that TRX will swing up here from 402 to 440/460 but I doubt a lot of volume will pile into TRX until 360/350. Set your alerts

Trade active: We've hit the bottom at 340 satoshi.

This is a good time to buy TRX but with the current volatility in BTC there is a real chance that if BTC were to correct downwards strongly, TRX will follow and break below the current low on the daily/weekly. So: potentially a great trade but keep those stop losses close.

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out