TRX has been gradually downtrending when paired with BTC since June. It held a nearly perfect descending channel for months, before attempting a breakout. It has stuttered for a bit, but appears to have bottomed out at 288, which we've used as the lower anchor for our Fibonacci levels. Despite strong downside momentum, TRX simply hasn't been able to breach this level. Even if makes another run, we are likely to see at least another relief rally.
Another reason, we suspect an upside breakout (in altcoins in general) is that BTC has been stealing capital from alts for some time now. Historically this goes in phases, capitulated by a consolidation of volatility at extremes, discussed below.
Finally, as discuss above, we have a flag pattern forming. Again, consolidation patterns like this imply strong conviction (in either direction) on the horizon.
We have strong support from below at 288, which again is the lower bound of our Fibonacci levels. There seems to be a lot of price action at 337, where we are currently consolidating, but if we can break out from there, we will find resistance at369, 418, and 457, which are all Fibonacci retracement levels.
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Another reason, we suspect an upside breakout (in altcoins in general) is that BTC has been stealing capital from alts for some time now. Historically this goes in phases, capitulated by a consolidation of volatility at extremes, discussed below.
Finally, as discuss above, we have a flag pattern forming. Again, consolidation patterns like this imply strong conviction (in either direction) on the horizon.
We have strong support from below at 288, which again is the lower bound of our Fibonacci levels. There seems to be a lot of price action at 337, where we are currently consolidating, but if we can break out from there, we will find resistance at369, 418, and 457, which are all Fibonacci retracement levels.
Thanks for reading! Comments are appreciated. Check out my other social media and my profile :D
