TRX descending triangle. Trade within, confirm break out!
Updated
TRX is in the descending triangle pattern with potential break out points as indicated by red and green arrows. The descending triangle is a bearish pattern so the chances of TRX going to lower lows are higher than going up. Trade within the triangle boundaries, confirm break out before placing your bids for out of boundaries trades!
Buy below 430 for a small bounce sell, critical level to watch out for is 350. On the optimistic note, confirmed break out above triangle line will lead to the high targets at 620, 730, 850, 1000 and above, the pessimistic, but, nevertheless, a real scenario includes lower targets at 220, 170, 70 and below the horizon if it gets as far as that last target.
Trade carefully, don't put more than you can afford to lose.
Good opportunity for position trading within boundaries.
Buy below 430 for a small bounce sell, critical level to watch out for is 350. On the optimistic note, confirmed break out above triangle line will lead to the high targets at 620, 730, 850, 1000 and above, the pessimistic, but, nevertheless, a real scenario includes lower targets at 220, 170, 70 and below the horizon if it gets as far as that last target.
Trade carefully, don't put more than you can afford to lose.
Good opportunity for position trading within boundaries.
Trade active
It breaks out from the triangle pattern early and is forming an uptrend channel. TRX meets resistance level just under 800 and most likely will retrace to early 700s and even early 600s. See other charts for potential uptrend channel formation.
Disclaimer
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.