Hi friends, hope you are well, and welcome to the new update on Tron (TRX).
Behaved differently from Bitcoin:
Yesterday, the price action of TRX has moved and behaved differently with the bitcoin. For example yesterday, we had the sale in Bitcoin but in TRX, we had a nice buying and it formed a green candlestick. Therefore, we can expect that if the bitcoin is moving down, the TRX can move to the upside.
Still moving above the trend line support:
After placing the trend lines, we infer that BTC broke down the trendline support. Whereas, TRX is still moving above the trendline support.
For example, if the TRX will be moved down, then there is still space for the price action to move down, which will be approximately $0.069.
If the price action will break down this trend line support, then we can expect that the Tron will move more down. Otherwise, it can bounce back.
Descending triangle and the volume profile:
The price action is likely to have a rejection this time by the resistance of the descending triangle. However, it is also possible that it will break out the resistance. We can notice a powerful spike beyond this resistance. But it can also be possible that it will be only a spike-like previous spikes.
While moving down, first it will retest the uptrend line support close to $0.07. If it will break down the support, then price action can move down to the support of the descending triangle that is approximately at $0.067.
If we monitor the volume profile, we observe that the price action has found the traders interest even above the resistance of the triangle and the to the downside the interest of the traders is above the support, and point control of the volume profile is also close to the resistance which is signaling to the breakout soon.
Recently the price action of TRX with BTC pair has formed a bullish Shark move, and after visiting the buying zone it has reversed bullish and still moving towards the upside.
On the 2-day time frame chart, the price action of the TRX has completed the final leg of another Gartley pattern. There is also 100 simple moving average support below the buying zone of this harmonic pattern.
Buying and sell targets:
Buy between: $0.0922 to $0.0683
Sell between: $0.1110 to $0.1561
The maximum extent of the potential reversal zone to $0.0683 can be used as a stop loss.
Possible profit and loss ratio:
As per the above targets, this trade has a profit possibility up to 128% and a loss possibility is 26%.
Even though the TRX behaved differently from Bitcoin but there is still a possibility that the price action of Tron will be moved down or have a correction rally. However, as soon as the market will be stable the TRX can imminently move to the upside to make a big move.
Note: Above idea is for educational purposes only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with the trade.
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