TRXBTC's massive descending triangle (4hr tf analysis)
Tron (TRX) made a high of 0.00002047 on Jan 5, 2018 and has been in a downtrend since then. A massive descending triangle is drawn on the 4hr tf. Support area for TRX is marked with green lines (between 0.00000261 and 0.00000207) should TRX break to the downside of the descending triangle.
A potential breakout above the descending triangle should see TRX possibly return to Target 1 (between 0.0000891 and 0.0000956) or Target 2 ( (between 0.00001247 and 0.00001312).
POE= Point of entry which is just above the descending triangle at ~0.0000457
A breakout above 0.0000457 is the trigger for the long position in TRX at which point the stop loss (or POI) is placed just below the bottom of the descending triangle at 0.0000371
POI= Point of invalidation= Price closing below 0.0000371 after the trade has been entered = point of exit from the trade.
Using the bottom of Target area 1 or the bottom of Target area 2 should produce a risk/reward ratio of ~5:1 and 9.5:1 respectively.
A potential breakout above the descending triangle should see TRX possibly return to Target 1 (between 0.0000891 and 0.0000956) or Target 2 ( (between 0.00001247 and 0.00001312).
POE= Point of entry which is just above the descending triangle at ~0.0000457
A breakout above 0.0000457 is the trigger for the long position in TRX at which point the stop loss (or POI) is placed just below the bottom of the descending triangle at 0.0000371
POI= Point of invalidation= Price closing below 0.0000371 after the trade has been entered = point of exit from the trade.
Using the bottom of Target area 1 or the bottom of Target area 2 should produce a risk/reward ratio of ~5:1 and 9.5:1 respectively.
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