TRXBTC Potential Uptrend Breakout -- Fib levels holding @ 61.8
Updated
Potential for TRXBTC to break out of the retracement.
Need to see several things happen to validate a breakout to the upside:
1) closed candle above 0.5 fib retrace
2) more convincing bull volume
3) more green candles
4) Continue holding above 61.8 fib support (golden ratio)
bonus:
5) MACD cross signal
I'm in the trade and have a stop-loss at 774 Sat
Need to see several things happen to validate a breakout to the upside:
1) closed candle above 0.5 fib retrace
2) more convincing bull volume
3) more green candles
4) Continue holding above 61.8 fib support (golden ratio)
bonus:
5) MACD cross signal
I'm in the trade and have a stop-loss at 774 Sat
Trade closed: stop reached
Setup was unsuccessful for several reasons:1) Broke the support at .618
2) Did not close a candle above the 0.5 fib line until after we went below 0.749
3) The engulfing bull green candle lacked conviction -- it was complemented with low volume. Bulls were not turning this around
TRXBTC is now in a consolidating pattern with several inside bars following the engulfing bull candle.
Interesting to see if we will see bulls turn this around, or if we're due for a short-term bear run.
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