TRX/BTC has formed a Cup & Handle formation on both the 1D and Weekly time-frames'. Generally, i am not a huge believer in these formations, however TRX/BTC seems to be ticking most of the boxes at this stage. There is a very clear cup, at level price-action height, and a nearly fully formed handle. This pattern is only relevant at the higher time-frames such as Day/Week/Month. As it usually doesn't play out on the lower ones. What i will be looking for now is a drop down to the next support level around 552 SATS, or to the 200 EMA. I will at least be looking for a wick down to the 200 EMA. Once this has happened, i will wait for the first 1D candle to open AND close above the 200 EMA before i place my BUY order. This should essentially be between 550 - 600 SATS. This open AND close candle will draw me into being bullish on the trade and will solidify my view of the Cup & Handle formation. If this does not happen and the 200EMA breaks, the above will be invalidated.
Should the above play out, below will be my trade plan for TRX/BTC. Please find below the targets, stop-loss and profit potential:
Using 575 as an Average Buy Order:
Buy: 575
Sell: 25% T1 661 - 14.96%
25% T2 733 - 27.48%
25% T3 841 - 46.26%
25% T4 997 - 73.39%
SL: 485
This is not trading, nor financial advice. Posted trades are based on my own TA, void of my opinion and only on how i read the chart and indicators. Always do your own technical analysis before attempting to trade anything. Trading carries a high degree of risk and may result in financial loss.
Please feel free to comment on my posts as i am always willing to learn through others. If you agree or like my analysis, please hit the LIKE button and feel free to follow me on TV.
Happy Trading!
Should the above play out, below will be my trade plan for TRX/BTC. Please find below the targets, stop-loss and profit potential:
Using 575 as an Average Buy Order:
Buy: 575
Sell: 25% T1 661 - 14.96%
25% T2 733 - 27.48%
25% T3 841 - 46.26%
25% T4 997 - 73.39%
SL: 485
This is not trading, nor financial advice. Posted trades are based on my own TA, void of my opinion and only on how i read the chart and indicators. Always do your own technical analysis before attempting to trade anything. Trading carries a high degree of risk and may result in financial loss.
Please feel free to comment on my posts as i am always willing to learn through others. If you agree or like my analysis, please hit the LIKE button and feel free to follow me on TV.
Happy Trading!
Comment:
Although the current price is on the above average buy-in. It is not my Buy order signal. I would like to see a drop to the previous support or at least a wick down to the 200 EMA. Once the next candle opens AND closes above the 200 EMA, that is my BUY signal. Patience is key.
Trade active:
TRX/BTC as indicated did touch my trend line at 552SATS and has posted a green candle which, on the 1D chart is showing a cross up on the STOCH RSI.
I have bought this trade at 561SATS and the trade is now ACTIVE.
I have bought this trade at 561SATS and the trade is now ACTIVE.
Trade active
