TRX.X (Tron) Cup and Handle forming for bullish continuation?
Updated
Hi everyone, this is my first idea published, so I hope I am clear enough! Also, Happy New Year!
Recently, we saw Tron follow a nice bullish uptrend and then BOOM a rally up to a new ATH! That was great!
Now, thankfully, there is a healthy pullback that is very much needed to avoid a huge crash. Those that bought high, I think you are still in the clear. I am seeing a cup and handle forming on the hourly for tron. The cup is clearly made in the brown/yellow arc, with the parallel channels in purple representing the formation of the handle.
As of now, RSI is moving towards the oversold, which is great news because it could relay the message that this is, in fact, coming to its end of the handle in the coming hours/day. I believe we have a good chance of having a wick fill to the 358 sash, but I will be much more conservative and say a risky entry to maximize gains (if this does form) is ~380 sash. That's playing it with HOPES that the handle forms and doesn't continue to down trend, but the vortex indicator is starting to begin its exhaustion to the downside as the price continues to fall.
The first half of the cup has low volume relative to the second half of the cup, especially close to the rim. This is another indicator of the cup and handle pattern.
THE SAFEST, BEST entry would be AFTER the breakout of ~571 sash on high volume. This would prove to us that when it breaks the rim, the bullish pattern will continue. Our stop loss (if you like to use them, just watch out for the manipulation) would be ~539 sash. Yes, you may miss a nearly 50% gain.
Our first target price is ~690 sash, both reasonable and logical, as it is 62% of the height of the cup.
Our second target price is ~809 sash, being 126% of the cup height.
Our third target price is HODL FOR THE MOON. :)
Given the circumstances, the width of the handle will most likely be less than half the width of the cup, and less than half the height of the cup.
Again, a RISKY entry is close to ~380 sash....be thoughtful of your assets and your impulse control, THEY ARE KEY to being successful! It is better to gain only 20% than lose 80%.
Our best entry should be a breakout of 571 sash with high volume on the breakout.
Yes, hodl, but don't listen to people and noise, DO YOUR DD. Listen to the charts, your trading rules, and the fundamentals.
If I am wrong, I am wrong, but I am aiming to not going into these trades by hoping, but rather making smart trader decisions. If this helps you, I am very happy!!
Best of luck to everyone!
Recently, we saw Tron follow a nice bullish uptrend and then BOOM a rally up to a new ATH! That was great!
Now, thankfully, there is a healthy pullback that is very much needed to avoid a huge crash. Those that bought high, I think you are still in the clear. I am seeing a cup and handle forming on the hourly for tron. The cup is clearly made in the brown/yellow arc, with the parallel channels in purple representing the formation of the handle.
As of now, RSI is moving towards the oversold, which is great news because it could relay the message that this is, in fact, coming to its end of the handle in the coming hours/day. I believe we have a good chance of having a wick fill to the 358 sash, but I will be much more conservative and say a risky entry to maximize gains (if this does form) is ~380 sash. That's playing it with HOPES that the handle forms and doesn't continue to down trend, but the vortex indicator is starting to begin its exhaustion to the downside as the price continues to fall.
The first half of the cup has low volume relative to the second half of the cup, especially close to the rim. This is another indicator of the cup and handle pattern.
THE SAFEST, BEST entry would be AFTER the breakout of ~571 sash on high volume. This would prove to us that when it breaks the rim, the bullish pattern will continue. Our stop loss (if you like to use them, just watch out for the manipulation) would be ~539 sash. Yes, you may miss a nearly 50% gain.
Our first target price is ~690 sash, both reasonable and logical, as it is 62% of the height of the cup.
Our second target price is ~809 sash, being 126% of the cup height.
Our third target price is HODL FOR THE MOON. :)
Given the circumstances, the width of the handle will most likely be less than half the width of the cup, and less than half the height of the cup.
Again, a RISKY entry is close to ~380 sash....be thoughtful of your assets and your impulse control, THEY ARE KEY to being successful! It is better to gain only 20% than lose 80%.
Our best entry should be a breakout of 571 sash with high volume on the breakout.
Yes, hodl, but don't listen to people and noise, DO YOUR DD. Listen to the charts, your trading rules, and the fundamentals.
If I am wrong, I am wrong, but I am aiming to not going into these trades by hoping, but rather making smart trader decisions. If this helps you, I am very happy!!
Best of luck to everyone!
Note
Alright, so it seems that we are coming to close what seems to actually be not a handle, but a bullish pennant forming!MACD IS starting to cross over in the bullish manner, as well as the the end of the bullish pennant coming to its end.
I have made my entry here at 514 sash, as volume and volatility is starting to pick up now.
Price target, atleast wick fill to 644 sash, and probably will expect form here a huge bullish run. Watch for a possible fakeout to the low near the end.
WE are looking BULLISH!
Note
Okay, so we got two important factors now!ONE: The handle HAS BEEN MADE. IT DID NOT BREAK THE RIM OF THE CUP ON HIGH VOLUME. However, we are still in the handle too, but it did test ~570 sash.
Two: WE ARE STILL IN A BULLISH PENNANT. Believe it or not, that 574 sash, did not ruin the nice pennant pattern...neither did that recent low. Still bullish.
I think we will see a breakout in approximately 4-5 hours.
Hoping that the indicators point to the upside around that time. Watch for manipulation close to the end of the pennant, or a heavy red candle, because it could be whales trying to shake out weak hands.
If this pennant does prove to be the actual cup and handle pattern (as it seems it is), then I expect a target price in the 800-1,200 sash. Selling when the going is good is a great trading habit...don't get greedy. If you're investing, then just simply hold.
Note
sorry to BEAT* the actual cup and handle pattern.Note
Here's another update!Actually, looking back, this cup and handle is on a bullish incline, so really, the rim should be around this area, because it is not so perfectly straight! So, theroetically, we should expect a high volume break around right now to see bullish momentum!
If this smashes through, WE ARE going to go high!
Note
Another update, We may be starting to reach a point of oversold and exhaustion, but the overall trend is up. You can sell for a potential buy back in cheaper or hold through.Note
Last update on this pattern..Congratulations long. :-)
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