Hello friends,
Contrary to my last chart TRX/USDT I have zoomed in on the right shoulder of the proposed H&S pattern formed on the 4hr chart. This H&S pattern began Dec 7th until Jan 31st. We have not broken the neckline as of yet but within the last 2.5 days, instead have formed a MACD Bullish Divergence on the 4hr chart.
Other signals are that the Stoch RSI says (80 is overbought, and 20 is oversold), TRX is oversold at 2.7. We also have the formation of a hammer candle (1:00 pm PST) which has dual meaning, we can go up or it may continue to retrace. We are also trading between the 100/200 EMA which of late, an area for TRX reversals. Signals tell me that we are about to move forward. I had committed and set appropriate stop losses if it goes south. If the pattern holds, we will head upwards. Most likely breaking through the previous resistance and then towards .02800 and .03000, which are good shorting opportunities. Other thoughts are, that TRX fans are accumulating in hopes to HODL their TRX for the BTT airdrop on Feb 11th.
Just a reminder, I warn TRX fans that the possible H&S pattern is still valid. Watch the neckline.
This is my viewpoint and my opinion. I am not giving advice but only sharing what I see. Do not enter a trade on my TA but do your own homework.
Cryptocurrency is volatile and very risky. Never invest what you can't afford to lose and always educate yourself and continue to do so when making any kind of investment.
If you find this information helpful, then please hit the like button. Your support is appreciated. Thank you!
CYA on the next one...until then, the trend is your friend. Buying on the dip and selling on the hype.
Cheers!
Contrary to my last chart TRX/USDT I have zoomed in on the right shoulder of the proposed H&S pattern formed on the 4hr chart. This H&S pattern began Dec 7th until Jan 31st. We have not broken the neckline as of yet but within the last 2.5 days, instead have formed a MACD Bullish Divergence on the 4hr chart.
Other signals are that the Stoch RSI says (80 is overbought, and 20 is oversold), TRX is oversold at 2.7. We also have the formation of a hammer candle (1:00 pm PST) which has dual meaning, we can go up or it may continue to retrace. We are also trading between the 100/200 EMA which of late, an area for TRX reversals. Signals tell me that we are about to move forward. I had committed and set appropriate stop losses if it goes south. If the pattern holds, we will head upwards. Most likely breaking through the previous resistance and then towards .02800 and .03000, which are good shorting opportunities. Other thoughts are, that TRX fans are accumulating in hopes to HODL their TRX for the BTT airdrop on Feb 11th.
Just a reminder, I warn TRX fans that the possible H&S pattern is still valid. Watch the neckline.
This is my viewpoint and my opinion. I am not giving advice but only sharing what I see. Do not enter a trade on my TA but do your own homework.
Cryptocurrency is volatile and very risky. Never invest what you can't afford to lose and always educate yourself and continue to do so when making any kind of investment.
If you find this information helpful, then please hit the like button. Your support is appreciated. Thank you!
CYA on the next one...until then, the trend is your friend. Buying on the dip and selling on the hype.
Cheers!
Comment:
I believe this coin is going to keep heading upwards for quite some time and possibly revist all time highs and beyond. We will have dips but this coin is headed upwards.