TRXUSD - long position - ascending channel

I'm rather new to technical analysis , but I wanted to share this particular graph and see what the community thinks.

TRXUSD seems to be staying nicely in an ascending channel . This seems like a good moment for a long position with worthwhile gains, while minimizing risks. A tight stop-loss helps reducing risks, where I see a choice between Support 1 and Support 2.

A resistance zone is expected, based on Fibonacci retracements and validated by the previous high, so a cautious trader should consider taking profit there. If the resistance zone is broken however, the upper part of the channel becomes the secondary target.

Personally, I've just taken a long position at 0.051 and will be aiming for targets 1 and 2. There might be an extra chance to scale up your position at the middle of the channel if it bounces.

Further information can be seen in the chart, including possible gains and R:R.


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