DLavrov

TRON: Breakout above SMAs as Reason for Buying

Long
BINANCE:TRXUSDT   TRON / TetherUS
This is another market that looks interesting for buying, of course, if Bitcoin doesn't move downward.

The price bounced from 0.025$ support and broke the local downtrend line. MACD and RSI are bullish and support a possible upward movement. If the price can move and stay above SMA20 and SMA50, we will get a possible buying opportunity.

Here is an example of a long trade:
Buy above 0.030$
Stop below 0.024$
Profit Target at 0.050$

Risk per trade must be no more than 5% of the capital. The trade will depend on the market movement of the main crypto coin. It is obvious. But at the same time, altcoins give possible setups for buying which can be used in the proper way.
There are no 100% reliable signals and you must understand this fact. If you are not ready to see the real trading as it is, probably trading is not for you.



Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Comment: The trading idea is workable. The swing high is a good entry point if the price breaks it.
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Comments

As always very nice work!
+1 Reply
DLavrov PolarHusk
@PolarHusk, thanks!
Reply
Your thinking is absolutely correct
Reply
thanks for sharing this analysis
Reply
DLavrov Fatema_Ahamed
@Fatema_Ahamed, you are welcome!
Reply
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