TRX - Retesting Support and Ready for Swing?
TRXBTC Is looking like it's in a good position for a swing upward. Could be decently sized as it's been retesting it's resistance lately.
First thing is the Doji candles. These are candles where the wick is decently long in both directions but the body is pretty much non existent. These represent price uncertainty; it goes down and come back up, then goes up and comes back down. Before the last little pumps, and before past big pumps, we see Dojis often printed.
Indicators are interesting.
MACD has been showing a shrinking bear divergence the last little while, it's trying to cross up.
STOCH in oversold territory by a mile. Lots of room the go up if it wants.
Volume Increasing volume on the pumps recently, then decreasing sell volumes. Points to bullish bias.
OVERALL
I think there's a good chance TRX will retest the upper resistance marked with the orange line. Either get in now with a tight SL below previous low and catch a ride up to the resistance to see if it busts through, or wait to see what it does on the resistance retest and grab it on a breakout. TRX tends to keep moving once it starts moving, so waiting for a breakout is never a bad idea; but it all depends on your personal taste for risk.
Dotted lines are TP's for buying in now, dashed lines are TP's on the breakout.
--
“If you want to get laid, go to college. If you want an education, go to the library.” - Frank Zappa
--
I'm a guy that you don't know posting his ideas on the internet for the sake of improving as a human being. If you take this as financial advice, that's on you.
If you like my analysis, then leave a like and feel free to follow for more free content. Feedback, criticism and crude humor are welcome :)
First thing is the Doji candles. These are candles where the wick is decently long in both directions but the body is pretty much non existent. These represent price uncertainty; it goes down and come back up, then goes up and comes back down. Before the last little pumps, and before past big pumps, we see Dojis often printed.
Indicators are interesting.
MACD has been showing a shrinking bear divergence the last little while, it's trying to cross up.
STOCH in oversold territory by a mile. Lots of room the go up if it wants.
Volume Increasing volume on the pumps recently, then decreasing sell volumes. Points to bullish bias.
OVERALL
I think there's a good chance TRX will retest the upper resistance marked with the orange line. Either get in now with a tight SL below previous low and catch a ride up to the resistance to see if it busts through, or wait to see what it does on the resistance retest and grab it on a breakout. TRX tends to keep moving once it starts moving, so waiting for a breakout is never a bad idea; but it all depends on your personal taste for risk.
Dotted lines are TP's for buying in now, dashed lines are TP's on the breakout.
--
“If you want to get laid, go to college. If you want an education, go to the library.” - Frank Zappa
--
I'm a guy that you don't know posting his ideas on the internet for the sake of improving as a human being. If you take this as financial advice, that's on you.
If you like my analysis, then leave a like and feel free to follow for more free content. Feedback, criticism and crude humor are welcome :)
Come hang out with me on telegram, it's free and I won't be too mean too mean to you:
t.me/KadnimCrypto
t.me/KadnimCrypto
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