TRX/BTC on an upward chanel supportted by EMA20 on the 4H and forming a bullish pennant (1), has more chances to go up from here.
Two extreme cases to consider:
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(2) - If price start a strong rise inside the 54bars from point C and end up breaking the resistance of the bullish chanel by the 22nd January 21:00, then we would validate a bearish AB=CD formation leading to a decay in prices.
(3) - If price break the bullish chanel support and also the support created by the past swing down, we would probably observe a valid double top with higher chances to stablish a mid term counter trend from that point.
Two extreme cases to consider:
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(2) - If price start a strong rise inside the 54bars from point C and end up breaking the resistance of the bullish chanel by the 22nd January 21:00, then we would validate a bearish AB=CD formation leading to a decay in prices.
(3) - If price break the bullish chanel support and also the support created by the past swing down, we would probably observe a valid double top with higher chances to stablish a mid term counter trend from that point.