TRXBTC - 1 little 2, little 3, little CupNHandles
Updated
Who's in for some TRX coffee ?
After completion of the first CupNHandle (blue) it is highly likely to form 1 or even 2 additional CupNHandles.
For the 2nd CupNHandle(green) to form the handle, the price needs to dip around 65 area before heading back north.
For the 3rd CupNHandle(red) to form the handle, the price needs to dip around 75 area before heading back north.
With the much anticipated announcement in May, all of these I believe would end up around 1180 area(or even higher) which aligns perfectly with 50% FIBO from the ATH.
I wish I entered earlier but I still think there is a decent profit to be made here so I've already place my buy orders.
Let's see how this plays out.
After completion of the first CupNHandle (blue) it is highly likely to form 1 or even 2 additional CupNHandles.
For the 2nd CupNHandle(green) to form the handle, the price needs to dip around 65 area before heading back north.
For the 3rd CupNHandle(red) to form the handle, the price needs to dip around 75 area before heading back north.
With the much anticipated announcement in May, all of these I believe would end up around 1180 area(or even higher) which aligns perfectly with 50% FIBO from the ATH.
I wish I entered earlier but I still think there is a decent profit to be made here so I've already place my buy orders.
Let's see how this plays out.
Note
TRX decided to annihilate the 2nd CnH idea and continued to go up.We will see in a couple of days if the 3rd CnH idea pushes thru
Trade active
I made updates to my initial projection and made the illustration simpler.Looks like TRX is gunning for a much bigger cup around 1245 area.
Short term, I expect the price to go down around 870 before heading back north.
Note
buy orders @870 hit...and as expected price bounces northNote
Though there is a short term trend now I do not think price will go below 800. There is a buy wall @800 of around 26M TRX as of this writing. On the contrary, I do not see any similar extra huge amount selling at one price point, in addition to the good news coming end of month I remain optimistic with the projection.
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