Hello traders , in this idea i bringed you one of the most favorite coin in the CRYPTOMARKT named TRX .
as you know this days because of JUSTIN SUN tweets all of us expect some movement to the upside , but let's look at the chart to find out what gonna happen for this coin :
weekly chart :
in the weekly chart you can see after big pump price start to retracement and retesting the weekly structure ( red box ) and also retesting the 21ema as strong support , also you can see in this area we have 0.5 fib level ; so all of this points of confluence makes this area stronger as support.
but for more details let's look at the daily chart :
in the daily chart we have clear bearish divergence between the RSI and price :
and in my opinion this is good reason for recent dump
but another reason for this dump could be this level :
but one important thing is that , previous time that price got rejected from the blue circle , price was in the clear down trend and by breaking this level and also breaking the 21ema , price started to dump ; but this time is a little bit different because , as you can see when price hit the blue circle , was in the uptrend and also was above the 21 ema , so this rejection in my opinion couldn't lead to the massive down trend like what it did .
but what makes me bullish in this coin , is one interesting chart , which maybe you didn't see it before :
here is the TRX/BTC weekly chart :
look at this guys !!!TRX/BTC was in the massive downtrend almost about 1200 days !
but guess what's happened now ?
you can see price breaked the important weekly resistance line and , closed above it by candle body. and now it's seems to price retest this level as huge support and also price is above the weekly 21ema ; in my opinion something very big is about to happen for TRX ;
also i think this deep is a buy opportunity , but why I'm saying this :
here we have the 4H chart :
in the 4H chart you can clearly see price comes down exactly to the 0.786 fib retracement level , and also in this area we have 3 points of confluence which all of them showing you a buy opportunity :
1_ weekly support ( red box )
2_ 0.786 fib retracement level
3_bullish divergence between RSI and price .
I hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for watching my ideas
as you know this days because of JUSTIN SUN tweets all of us expect some movement to the upside , but let's look at the chart to find out what gonna happen for this coin :
weekly chart :
in the weekly chart you can see after big pump price start to retracement and retesting the weekly structure ( red box ) and also retesting the 21ema as strong support , also you can see in this area we have 0.5 fib level ; so all of this points of confluence makes this area stronger as support.
but for more details let's look at the daily chart :
in the daily chart we have clear bearish divergence between the RSI and price :
and in my opinion this is good reason for recent dump
but another reason for this dump could be this level :
but one important thing is that , previous time that price got rejected from the blue circle , price was in the clear down trend and by breaking this level and also breaking the 21ema , price started to dump ; but this time is a little bit different because , as you can see when price hit the blue circle , was in the uptrend and also was above the 21 ema , so this rejection in my opinion couldn't lead to the massive down trend like what it did .
but what makes me bullish in this coin , is one interesting chart , which maybe you didn't see it before :
here is the TRX/BTC weekly chart :
look at this guys !!!TRX/BTC was in the massive downtrend almost about 1200 days !
but guess what's happened now ?
you can see price breaked the important weekly resistance line and , closed above it by candle body. and now it's seems to price retest this level as huge support and also price is above the weekly 21ema ; in my opinion something very big is about to happen for TRX ;
also i think this deep is a buy opportunity , but why I'm saying this :
here we have the 4H chart :
in the 4H chart you can clearly see price comes down exactly to the 0.786 fib retracement level , and also in this area we have 3 points of confluence which all of them showing you a buy opportunity :
1_ weekly support ( red box )
2_ 0.786 fib retracement level
3_bullish divergence between RSI and price .
I hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for watching my ideas