Hello friends,
Today we will have a look at TRX on the 1 day chart. Looking at the chart we can see that TRX had broken through the neckline of the H&S pattern recently. However it has not falling as far as one would expect, which tells me that there is strong support and sellers are not willing to see bottom as of yet. It is only a matter of time before the bulls step in seeing that we are in a new trend and that we are sitting on the 50 EMA support line. On the 1 day chart we have the makings of a morning star and will be confirmed tomorrow if we have a nice size green candle.
PROS
RSI 6 days oversold
New trend
50 ema as support
50 crossed 100 ema
200 ema was support
50/100 ema soon to break through the 200 ema
Volume low and ready to spike
Weekly shows a possible reversal as a pattern.
4hr chart shows much support holding back a big dump
4hr chart RSI in a buy zone
CONS
Weekly chart overbought
TD Sequential is at a 9
Fractal reversal still in effect
It is possible to retest bottom, dependant upon BTC performance.
Broke through neckline of H&S pattern
This is my viewpoint and my opinion. I am not giving advice but only sharing what I see. Do not enter a trade on my TA but do your own homework.
Cryptocurrency is volatile and very risky. Never invest what you can't afford to lose and always educate yourself and continue to do so when making any kind of investment.
If you find this information helpful, then please hit the like button. Your support is appreciated. Thank you!
CYA on the next one...until then, the trend is your friend. Buying on the dip and selling on the hype.
Cheers!
Today we will have a look at TRX on the 1 day chart. Looking at the chart we can see that TRX had broken through the neckline of the H&S pattern recently. However it has not falling as far as one would expect, which tells me that there is strong support and sellers are not willing to see bottom as of yet. It is only a matter of time before the bulls step in seeing that we are in a new trend and that we are sitting on the 50 EMA support line. On the 1 day chart we have the makings of a morning star and will be confirmed tomorrow if we have a nice size green candle.
PROS
RSI 6 days oversold
New trend
50 ema as support
50 crossed 100 ema
200 ema was support
50/100 ema soon to break through the 200 ema
Volume low and ready to spike
Weekly shows a possible reversal as a pattern.
4hr chart shows much support holding back a big dump
4hr chart RSI in a buy zone
CONS
Weekly chart overbought
TD Sequential is at a 9
Fractal reversal still in effect
It is possible to retest bottom, dependant upon BTC performance.
Broke through neckline of H&S pattern
This is my viewpoint and my opinion. I am not giving advice but only sharing what I see. Do not enter a trade on my TA but do your own homework.
Cryptocurrency is volatile and very risky. Never invest what you can't afford to lose and always educate yourself and continue to do so when making any kind of investment.
If you find this information helpful, then please hit the like button. Your support is appreciated. Thank you!
CYA on the next one...until then, the trend is your friend. Buying on the dip and selling on the hype.
Cheers!
Comment:
Looks like a good shot for a move upward. Morning star followed by a hammer. RSI is curling up.
