An idea to understand the trend and visualize the formation of a bullish formation in a bear market and such large size. The reversal/jamming zone is yellow levels. Quite a long time the price is squeezed the final phase of the triangle. Volatility is decreasing. At the decoupling, the exit is very likely to be momentum by a significant percentage.
Linear, to understand the trend and clarity of formations. A cup with a handle, a large triangle with a base of about 200%.
Candlestick chart with the same parameters.
Secondary trend. Close-up of the triangle area.
Pair to bitcoin
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A huge triangle. Pivot zones and interest from key support zones in case of holding/breaking them.
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Here's how it all looks on the line chart for clarity. Note that the price has fallen by -75% since the pumping peak.
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+44.16% from the reversal of 0.04555 (knocking out stops). From the level of 0.050 now +28%. Important resistance zone. Locally, an ascending pennant may form.
Statement from Justin Sun (“creator” of TRON, i.e., the marketer) :
A major country will soon legalize TRX and its ecosystem tokens as legal tender. This is a huge step forward for legitimacy and mass adoption of TRON and other digital currencies.
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Local work. Pivot level areas are shown.
It is also worth considering that little by little TRON marketer ("creator") Justin Sun is starting to get some attention.
The new news from this marketer, is the creation and listing on Huobi "coin debt exchange FTX (under a strange, but semantic name FUD)
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Local work. +7.9% false breakdown to the level of 0.071. Roll back. Reversal zones on the chart. Very short feet. You can open a hedge position at the same time (for more experienced ones).
COIN-M - USD-M, Cross Margin, Isolated Margin.
If you worked not in spot, but on futures (for example, Binance) COIN-M, then it is more rational to switch to USD-M or regular margin. This way you reduce the risk in case of a further decline or a stop loss (you will have dollars instead of coins that fall in price).
Then, when the uptrend resumes (confirmation), castling reverse. This is for the more experienced. For the less experienced, work in the spot from the level zones, do not be interested in this until you have the appropriate experience
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Trading local situation on 04/28. In the reversal zone the price is moving in the ascending local channel in which at the moment a triangular formation has been formed.
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Now there is a break up of this triangle - the diamond. In the near future there could be a strong momentum, if the whole market does not fail. Justin Sun transferred to Binance $115.1 million (59+56.1).
Set adequate local targets. Stops will be short at this point, especially when momentum remains likely. The main price movements most likely this asset and its group will show in June (cryptocurrency approvals at the official level Hong Kong, later possibly China).
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Local work. Targets of this diamond if they do not knock out stops. If the stops are knocked out, the "snout" to the lower zone of the ascending channel.
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Price reached the first target zone of the level 0.07844 (resistance of the ascending channel) +15.5%. Recall that since the beginning of June, the legalization of cryptocurrency in Hong Kong. This positive may serve as a market growth driver, especially for "Chinese" cryptocurrencies and projects.
Trade closed: target reached
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from the exit from the diamond reversal level 0.071 about +60% smooth growth in the ascending to the level of 0.1118 at the moment. Price is in a local uptrend but at its resistance. Local reversal zones of long/short are shown by arrows.