TRXXBT Futures Uncertain: Triangle Forming, Breakout Imminent

Since the Bitmex launch of Tron (TRX) futures contracts, TRXXBT price has steadily dropped. We've recently seen support at the 575 level, followed by a brief rally up to 609. A higher low was established, giving us a baseline for trend support. This combined with the larger downtrend line is forming a triangle, which could break either way. The downtrend angle is steeper, leading me to believe that it is slightly weaker than our support. Coupled with BTC's recent bullish momentum, if a positive break of the triangle occurs, we can reasonably expect to see a retest of recent highs, between 609-615. If a downwards break occurs, we will be in price discovery on the futures chart, but historical Binance charts indicate support at 542. Either move is worth entry, with my bias leaning bullish for the time being.

Trade active:

Bearish break of the triangle, target 542