Coin request: TRX needs more pullback
I know some won't like my view on TRX but we have to look at this with an open mind. TRX is a relatively new Crypto and has done more than 100x in a very short period. For those who made the gains on this congrats!
But this one still needs a more healthy correction in my mind. I have drawn different possible outcomes and will say which I believe to be more likely to happen.
I believe the green curve to mirror best what the price movement will follow since we need a healthy pullback for a few weeks to actually gather more fuel to make new ATH. now all of the others are all possible and all depend on whether price can hold above the given fib support levels and if it breaks up or down of the trend lines.
I personally would bet on the price coming back to the .236 fib level and follow the orange arcs since that was previous resistance and have seen it happen so many times that previous resistance becomes support.
I will personally be scaling down with my buy orders starting at the .5 fib level.
For clarification this is not financial advice just my two cents of how I believe this will play out.
Happy trading!
But this one still needs a more healthy correction in my mind. I have drawn different possible outcomes and will say which I believe to be more likely to happen.
I believe the green curve to mirror best what the price movement will follow since we need a healthy pullback for a few weeks to actually gather more fuel to make new ATH. now all of the others are all possible and all depend on whether price can hold above the given fib support levels and if it breaks up or down of the trend lines.
I personally would bet on the price coming back to the .236 fib level and follow the orange arcs since that was previous resistance and have seen it happen so many times that previous resistance becomes support.
I will personally be scaling down with my buy orders starting at the .5 fib level.
For clarification this is not financial advice just my two cents of how I believe this will play out.
Happy trading!
Comment:
Price movement is following the orange trend line for now with a clear bounce off the res resistance line. Hoping the price will continue to pull back to the .236 fib level where our ideal buy level is set!
Don't know if TRX will reach the .236 fib level today, we might see the price curve back up but still maintain it will afterwards continue to .236 fib level.
Until then happy trading everyone!