In this video, you will see how:
The priceline of TRX has entered back in the channel. The support of this channel is also the long term support for priceline of Tron and it's market structure. Now it can again bounce from the support or before the support of this channel.
On daily chart, the price action of Tron has broken down 25 and 50 simple moving averages. Now there is a possibility that the candlesticks will again move up to breakout the 50 and 25 SMAs:
The priceline of Tron has completed bullish Cypher pattern on midterm two day chart and ready for upto 76% bullish rally.
The targets as per Fibonacci sequence of Cypher are:
Potential reversal or buying zone: $0.0244 to $0.0202 (this should be used as stop loss as well)
Fibonacci projection or sell zone: $0.0277 to $0.0356
After breaking down the support and entered in the channel again the priceline has also formed a bullish Cypher and at this time it is in the potential reversal zone of this pattern. Now the price priceline can either move up from here or it can move more down to have bounce from the support of the channel. The channel’s support or the potential reversal zone should be used as stop loss. Because it is the basic market structure for mid-term.