As we know, TRX has much fan base and record numbers of Dapps on its network and many of us wants to know how TRX may behave in coming time. So, here we go:
In this Idea, I am reviewing TRXUSD chart and checking out the possibilities.
First thing we should notice we are moving in a parallel channel(as i drawn above) in 1D chart, from almost starting of the 2019.
What does it means ?
Well, by no mean, can expect a major jump until we break this channel but looks like we are to the bottom side before we could see a turn around. How ...? Let's read the chart further.
One more thing to tell is i have noticed a H&S pattern(not drawn) which means we can see reversal from it but that doesn't happen price is holding nicely at the moment, it is most likely because we're already in bear phase and usually H&S do work when are in a major trend(UP/DOWN).
EMA cross giving us selling signal ATM on almost most of the time frames.
Key levels(support and resistance):
Support is around $0.026 and it may bounce back from here.
Next support is around $0.021 which we can see if the channel will be broken and other scenarios too(i will update it here time to time).
Resistance: First resistance is around $0.034 if we break it, next stop will be $0.037.
My view: If you're looking to invest in TRX for long term then it may be not a good time to sit in.
Remember: It is not a financial advice,it is your funds you have to manage it, if your views/ideas match with this then you are good to go.
Thanks for reading, if you find it useful do not forget to hit that like button below.
In this Idea, I am reviewing TRXUSD chart and checking out the possibilities.
First thing we should notice we are moving in a parallel channel(as i drawn above) in 1D chart, from almost starting of the 2019.
What does it means ?
Well, by no mean, can expect a major jump until we break this channel but looks like we are to the bottom side before we could see a turn around. How ...? Let's read the chart further.
One more thing to tell is i have noticed a H&S pattern(not drawn) which means we can see reversal from it but that doesn't happen price is holding nicely at the moment, it is most likely because we're already in bear phase and usually H&S do work when are in a major trend(UP/DOWN).
EMA cross giving us selling signal ATM on almost most of the time frames.
Key levels(support and resistance):
Support is around $0.026 and it may bounce back from here.
Next support is around $0.021 which we can see if the channel will be broken and other scenarios too(i will update it here time to time).
Resistance: First resistance is around $0.034 if we break it, next stop will be $0.037.
My view: If you're looking to invest in TRX for long term then it may be not a good time to sit in.
Remember: It is not a financial advice,it is your funds you have to manage it, if your views/ideas match with this then you are good to go.
Thanks for reading, if you find it useful do not forget to hit that like button below.