Here is my plan on how to play both directions TRXUSDT might take:
In case of a breakout to the top of the triangle, I play a buy-in with a safe confirmation roundabout 3 - 4% above the breakout point as conformation.
If on the sell target #1 I see declining momentum, I gonna sell using a constantly updated stop loss.
In case of enough moment, I will be looking towards sell target #2.
In case of a breakout to the bottom, I expect the (very) heavy resistance zone of TRXUSDT to push the price further down.
If .01937 USD gets broken to the downside, we are entering a low resistance area with a likely double bottom at .01100 USD.
Since the support at this level is really strong, I expect a larger bounce to the the sell zone between .01719 and .01936 USD.
In case the support doesn't hold, a stop loss between .01000 and .01050 USD will secure my funds.
Please note that this might play out over several weeks or months, especially if the breakout is to the top of the triangle, due to the heavy resistance zone.
You can watch the live chart here:
www.tradingview.com/chart/qx45eI6U/
Ethereum Donation Address:
0x285C0455D4B8c1b9e9D9f4a03bbFa130fEcD894B
Thank you & Happy Trading!
In case of a breakout to the top of the triangle, I play a buy-in with a safe confirmation roundabout 3 - 4% above the breakout point as conformation.
If on the sell target #1 I see declining momentum, I gonna sell using a constantly updated stop loss.
In case of enough moment, I will be looking towards sell target #2.
In case of a breakout to the bottom, I expect the (very) heavy resistance zone of TRXUSDT to push the price further down.
If .01937 USD gets broken to the downside, we are entering a low resistance area with a likely double bottom at .01100 USD.
Since the support at this level is really strong, I expect a larger bounce to the the sell zone between .01719 and .01936 USD.
In case the support doesn't hold, a stop loss between .01000 and .01050 USD will secure my funds.
Please note that this might play out over several weeks or months, especially if the breakout is to the top of the triangle, due to the heavy resistance zone.
You can watch the live chart here:
www.tradingview.com/chart/qx45eI6U/
Ethereum Donation Address:
0x285C0455D4B8c1b9e9D9f4a03bbFa130fEcD894B
Thank you & Happy Trading!