Technical analysis [TRX / BTC - BINANCE]




TRX seen from 1W we can see how the current candle has made the closing of the descending wedge in the smaller figure indicated by the two yellow diagonals, the candle closure has been with a bullish hammer shape, the price has formed a second HL above the support located at 0.00000182 indicated within the chart by the blue horizontal.








TRX seen from the 1D timeline we can observe more closely the current candlestick movement where we see how the price is currently making a short retracement towards 0.00000182 where we should end the waves (2) and have a next upward momentum towards the price range of 0.00000234 – 0.00000246, our high target is located within the price range of 0.00000267 – 0.00000282 indicated on the chart by the green rectangle, before this happens the price must overcome the resistance of the correction point two forming inside the falling wedge and maintain at all times the diagonal support of the current momentum, this diagonal is indicated on the chart by another yellow diagonal with upward slope.



In conclusion, TRX is in a good moment, in a short time we are going to have a bullish continuation of which we must also wait for a later retracement to be able to undertake a stronger and longer move, the major figure is a double-decker pattern, we have hammer candle in 1W and the price remains strong above the support, these are good buy indicators, however, I recommend to be very attentive to the price action in 1D and always remember to place your stop losses to avoid possible invalidations during the move.













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COMMENT

14

Ifiokobong Imo
20 Jan

Nice analysis. Very informative.

3 REPLY

12

MrBullishSail Crypto Trader
20 Jan

Thank you very much for your support, Ifiokobong Imo :), I appreciate your feedback, thanks for stopping by my post!

2 REPLY

26

preview not available Lucas S
20 Jan

I agree I enjoy reading them! Great info contained in them all.

0 REPLY

14

Ifiokobong Imo
21 Jan

You are more than welcome. Keep it up.

1 REPLY

19

Imo Clement Ekuma
20 Jan

Good analysis, man.

Your explanations are always the best.

3 REPLY

12

MrBullishSail Crypto Trader
20 Jan

Thank you very much for your support, Ekuma :), I really appreciate your words, I'm glad you find my TA useful ;)

1 REPLY

26

preview not available Lucas S
20 Jan

As much as I really don't have any fond feelings towards TRX, I too think it's almost too good to pass up. For the past two weeks lol. Thanks for breaking it down for us, sir!

3 REPLY

12

MrBullishSail Crypto Trader
22 Jan

Thanks a lot for your support, Lucas :), I agree with you, in trading one must rely more on the price action than on the polemic noise around ;)

0 REPLY

16

Usma Asghar
20 Jan

Nice analysis we can get help from this article

2 REPLY

14

Ifiokobong Imo
20 Jan

Haroon Oktar it is more then informative. Don't you think so?

1 REPLY

12

MrBullishSail Crypto Trader
20 Jan

Thank you very much for your support, Haroon :), happy to bring this content, I hope so!

0 REPLY

30

Cryptovato 1
21 Jan

I was observing TRX/USD chart. It’s been one of the most comprehensive trend for me. Nice sideway move in December and steadily going upwards in January. There are also a lot of good fundamental news for Tron since the beginning of this year.

2 REPLY

12

MrBullishSail Crypto Trader
22 Jan

Thanks a lot for your support, Jan :), definitely, TRX will have a good performance from now on, we already have previous history with this currency when it moves up, don't doubt that this will be repeated in the near future ;)

1 REPLY

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