Hi guys. First time posting.
Ascending triangle observed on the Daily timeframe on TRXUSD. Base formed during last capitulation in March. Been observing this for about a month now. I think we are getting close to a move whether upwards or downwards, still hard to tell. Fingers crossed that volume stops decreasing for fear of pattern breaking downwards and reversing uptrend since march........ Trading ascending triangles normally you should wait for confirmation of a breakout outside of triangle with candle closed outside it. Need to keep an eye on volume if and when price nears the top horizontal or ascending trendline. Price target which is measured by taking height of base is set approximately around .07 cents. Downtrend will test the 0.24 support level.
Let me know what y'all think. Posting this for learning purposes. Thank you.
Ascending triangle observed on the Daily timeframe on TRXUSD. Base formed during last capitulation in March. Been observing this for about a month now. I think we are getting close to a move whether upwards or downwards, still hard to tell. Fingers crossed that volume stops decreasing for fear of pattern breaking downwards and reversing uptrend since march........ Trading ascending triangles normally you should wait for confirmation of a breakout outside of triangle with candle closed outside it. Need to keep an eye on volume if and when price nears the top horizontal or ascending trendline. Price target which is measured by taking height of base is set approximately around .07 cents. Downtrend will test the 0.24 support level.
Let me know what y'all think. Posting this for learning purposes. Thank you.
Comment:
Redline extending upward from horizontal resistance line had shown my target price. It got cut off. Sorry.
Comment:
TRX still following this trend with increasing volume. We still have some time to go before breakout. Watch it like a hawk when its touching the ascending trend line. You dont want it to break below and print a candle close under this. If it does Watch the 0.26 Cent level.