Welcome fellow Tradingviewers,
The infamous TRX Sh*tcoin, no matter what you think about this coin, when oppurtunity arises you act by it.
Without further or due, lets start analysing:
We will be analysing TRX using a top-down strategy, including candlestick patterns, indicators and price patterns.
Monthly:
- The October monthly close gave the first Buy signal.
- The last monthly close was neutral and this one is starting to look like a bullish engulfing candle, indicating more upside momentum
Weekly:
- The last weekly candle closed in a bullish engulfing candle, indicating more upside.
- The last weekly candle did not manage to close high enough to break the neckline of the Cup & Handle pattern, if this week gets it done, then more upside momentum is expected.
- MACD has crossed bullish, indicating more upside momentum.
- RSI is still neutral.
Daily:
- The last daily candle had a huge wick to the downside, indicating more upside momentum.
- It looks like the Neckline of this possible C & H pattern has been tested with absolute precision and bounced back, indicating more upside.
- MACD is in bullish territory, indicating more upside momentum.
- RSI is in neutral.
- Currently battling the 230-240 sats area
In summary:
We can clearly see that the bulls are trying to let TRX take off but it is not yet confirmed. A daily close above the 230-240 zone would let me believe that the C&H is in play and that we could start to head towards the 280-300 sats area.
This analyses is only intended to share my idea, to educate and entertain you guys.
This should not be considered as financial advice.
I hope you guys enjoyed this analyses, if you did don't forget to leave a Like!
If you want to share your thoughts, please do so in the comments below!
Kind Regards,
FORALLCRYPTO
The infamous TRX Sh*tcoin, no matter what you think about this coin, when oppurtunity arises you act by it.
Without further or due, lets start analysing:
We will be analysing TRX using a top-down strategy, including candlestick patterns, indicators and price patterns.
Monthly:
- The October monthly close gave the first Buy signal.
- The last monthly close was neutral and this one is starting to look like a bullish engulfing candle, indicating more upside momentum
Weekly:
- The last weekly candle closed in a bullish engulfing candle, indicating more upside.
- The last weekly candle did not manage to close high enough to break the neckline of the Cup & Handle pattern, if this week gets it done, then more upside momentum is expected.
- MACD has crossed bullish, indicating more upside momentum.
- RSI is still neutral.
Daily:
- The last daily candle had a huge wick to the downside, indicating more upside momentum.
- It looks like the Neckline of this possible C & H pattern has been tested with absolute precision and bounced back, indicating more upside.
- MACD is in bullish territory, indicating more upside momentum.
- RSI is in neutral.
- Currently battling the 230-240 sats area
In summary:
We can clearly see that the bulls are trying to let TRX take off but it is not yet confirmed. A daily close above the 230-240 zone would let me believe that the C&H is in play and that we could start to head towards the 280-300 sats area.
This analyses is only intended to share my idea, to educate and entertain you guys.
This should not be considered as financial advice.
I hope you guys enjoyed this analyses, if you did don't forget to leave a Like!
If you want to share your thoughts, please do so in the comments below!
Kind Regards,
FORALLCRYPTO