TRX/USD Secondary trend (part) 18 11 2023

Logarithm. Time frame 3 days.

The ascending channel in the lower part of the big triangle. Local work in it from the key support / resistance levels.


The whole range of this channel on a larger scale..

Everything is more detailed and shown in the ideas of the main trend..

TRX/USD Main trend. Channel. 17 11 2023

Note where this zone (channel) is in the main trend.

Comment:

A triangle has formed under the resistance at 0.1118. The price is clamped in the corner. #StopLoss is locally retired. Decoupling soon (general market situation). More up than down, especially as far as local targets are concerned. For example, a move through a false breakout.

Recall that BTC re-entered the $44,000 zone today, Which is key resistance for a reversal to 36-28-26 or "superpump".

Trade closed: target reached:

+3% to triangle resistance and key bullish reversal level (in yellow) and pullback to the meridian of the formation (in green). Price is further cornered. The exit is coming soon.

Trade active

Trade closed: target reached:

local work. +32.7% so far from the triangle breakout. Price at important channel resistance 0.14422 (as on bitcoin earlier.

Breakthrough - exit to 0.185
Not breakout - local pullback to the meridian of the channel (see publication idea).

Trade active

Comment:

From the resistance of the ascending channel at the level of 0.0142 (0.14422) the pullback to the meridian of the ascending bullish channel began, as it was supposed earlier. A triangle formation was formed. There will be a decoupling in the near future (waiting for BTC).

It is unlikely to be a descending pennant, but if so (low probability), the stop loss is very short....

There is likely some single chart news being prepared. Chances are it won't be a FUD. In the same way, the price of other assets of TRX group is being clamped down on by the well-known market maker Justin Sun. As a reminder, this is: SUN BTT JST NFT.

Who works with stop losses, This is true not only for TRX. Right now, stop losses are very short, with a good potential profit/loss ratio.