Hey traders!
This is my first analysis on here. I will keep things pretty basic so it can help beginning traders make sense of it all, and maybe learn something along the way. I will be placing most of my analyses under "Education" as I feel that as a trader, we need to have a plan for any of the three market conditions: Bullish, Bearish, and Ranging. As a result, I will attempt to give recommendations (NOT INVESTMENT ADVICE) for all three conditions, and not simply have a single call.
Feedback, input, and comments are all welcome!
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Pair: TRX/USD
Time Frame: 1-Day
The current technical analysis on TRX is leaning towards the bullish side. Higher lows with consistent highs since late August have started to form an ascending triangle. The bulls are continually testing the resistance line at the $0.027 zone and pierced it twice in the first two weeks of October. The bullish possibility will occur if the higher lows continue as the consolidation range begins to squeeze even further as the price action approaches the apex of the ascending triangle. Furthermore, the price action has already crossed the Ichimoku cloud. Strong bullish confirmation if the lagging line (Chikou span) crosses the cloud. Upward breakout of the triangle can lead to testing of the Fibonacci retracement lines (based on the last major high on April 30), which could give 33%, 79%, and 115% profit at the Fibonacci 23.6, 38.2, and 50 levels. It should be noted, that since the last major high, the 23.6 and 38.2 levels have acted as resistance. Otherwise, most clues signal a pending bullish rise on the 1-Day chart. On the other hand, if bullish momentum ultimately fails to break upward, the bearish result is likely to take the price back down to the $0.017 zone.
For the Bulls:
Recommended Buy- Up to $0.027
Take Profit Target 1- $0.03639
Take Profit Target 2- $0.04900
Take Profit Target 3- $0.05919
For the Bears:
Recommended Short- $0.021-0.020 (zone)
Take Profit Target 1-$0.01602
For Rangers:
I recommend not to range trade. The current trend is showing higher lows, and thus the range window is getting smaller and smaller, increasing risk exposure for an unfavourable breakout in the wrong direction.
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As always, manage your risk!
-DC
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Not investment advice. The opinions and analysis expressed above are strictly my own.
This analysis was sponsored by the Paribus Group.
This is my first analysis on here. I will keep things pretty basic so it can help beginning traders make sense of it all, and maybe learn something along the way. I will be placing most of my analyses under "Education" as I feel that as a trader, we need to have a plan for any of the three market conditions: Bullish, Bearish, and Ranging. As a result, I will attempt to give recommendations (NOT INVESTMENT ADVICE) for all three conditions, and not simply have a single call.
Feedback, input, and comments are all welcome!
==================================
Pair: TRX/USD
Time Frame: 1-Day
The current technical analysis on TRX is leaning towards the bullish side. Higher lows with consistent highs since late August have started to form an ascending triangle. The bulls are continually testing the resistance line at the $0.027 zone and pierced it twice in the first two weeks of October. The bullish possibility will occur if the higher lows continue as the consolidation range begins to squeeze even further as the price action approaches the apex of the ascending triangle. Furthermore, the price action has already crossed the Ichimoku cloud. Strong bullish confirmation if the lagging line (Chikou span) crosses the cloud. Upward breakout of the triangle can lead to testing of the Fibonacci retracement lines (based on the last major high on April 30), which could give 33%, 79%, and 115% profit at the Fibonacci 23.6, 38.2, and 50 levels. It should be noted, that since the last major high, the 23.6 and 38.2 levels have acted as resistance. Otherwise, most clues signal a pending bullish rise on the 1-Day chart. On the other hand, if bullish momentum ultimately fails to break upward, the bearish result is likely to take the price back down to the $0.017 zone.
For the Bulls:
Recommended Buy- Up to $0.027
Take Profit Target 1- $0.03639
Take Profit Target 2- $0.04900
Take Profit Target 3- $0.05919
For the Bears:
Recommended Short- $0.021-0.020 (zone)
Take Profit Target 1-$0.01602
For Rangers:
I recommend not to range trade. The current trend is showing higher lows, and thus the range window is getting smaller and smaller, increasing risk exposure for an unfavourable breakout in the wrong direction.
==================================
As always, manage your risk!
-DC
----
Not investment advice. The opinions and analysis expressed above are strictly my own.
This analysis was sponsored by the Paribus Group.