Taking a look at TRX on the daily, it appears a fairly large rising wedge is forming. I see a profit taking point around 880, but who knows, everything likes to act so screwy.h
I do see a chance of this wedge being invalidated, and if it is, it would be because we have broken out of this wedge on the hourly:
If we break downwards out of this channel, I could see us taking a dive to the 360s, so be prepared for that.
I do see a chance of this wedge being invalidated, and if it is, it would be because we have broken out of this wedge on the hourly:
If we break downwards out of this channel, I could see us taking a dive to the 360s, so be prepared for that.
Note
As I expected, we took a fall to the downside and broke down out of the wedge. We've peaked out at a downside of around 5% thus far, with a mild bounce up. I'm still not convinced that our downside is done, but we'll see.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.