This is a follow-up idea to my previous TRX idea here:
I'm not a big fan of pennants, flags etc. But when the macro chart supports the idea, when the environment fits they have a good chance of working out. So we will see.
I'm not a big fan of pennants, flags etc. But when the macro chart supports the idea, when the environment fits they have a good chance of working out. So we will see.
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I have two important targets regardless of the pennant. 0.13xx partial take profit and obviously ATH. But from the macro perspective I believe TRX will top well above the ATH.
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This consolidation (pennant) is also a test of big ascending triangle's extension, which makes it better imo.
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One perspective for the BTC pair is that this is a failed ascending triangle. But there are perfectly clear horizontal resistance lines, which is bullish. And the macro range also looks bullish.
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Here is a simpler perspective for this test. This is a bullish consolidation in every respect.
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Crazy how everyone sleeps on TRX :D Literally the best chart I've seen in crypto right now.
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The machine is on.
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TRX open interest is still near ATL's. Despite months of uptrend. The reason is on the chart. Healthy uptrend. Even if the market turns bearish, which is very probable in my view atm, I believe TRX can remain strong.
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BTC had a similar pennant and it's a clean breakout atm. I like dirty breakouts more :D I really think TRX chart is better in general.
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I feel like I'm the only one trying to push this alongside Justin :D Can you guys buy this fucking insanely bullish breakout? My position is too big atm. Thanks.
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So yeah this was expected for me. This is why I'm short SOL and AVAX. Most alt btc pairs spiked down. TRX spiked up. Remained strong as expected. We'll see.
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This is the view for me. It's just a test, for now.
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You can see BTC pennant was far less respected. As expected. The larger structure is kinda bullshit for BTC. It's not bullshit for TRX.
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I think it's better to see this as an ascending triangle now and hope that it holds. If it doesn't hold, macro support is not that far away. I'll remain bullish for TRX.
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I'm doing my part to make it hold :D You do you.