I'll keep this one short.
Low volume rally after the rejection candle two weeks ago.
Bearish divergence on all momentum oscillators (daily timeframe) showing the uptrend is slowing down and nearing the exhaustion.
Might make one last push into the red zone (not necessary, but possible), and then I expect a deeper correction down to the targets below:
1. 566
2. 506
3. 460
4. 386
(Not all of the targets have to be reached, but those are the support levels where I see possible bounces)
If you've bought this during the hype these past weeks, it might be time to start thinking of taking some profits here.
Note, this is a daily timeframe chart, so don't expect it to play out within hours, but rather days.
Low volume rally after the rejection candle two weeks ago.
Bearish divergence on all momentum oscillators (daily timeframe) showing the uptrend is slowing down and nearing the exhaustion.
Might make one last push into the red zone (not necessary, but possible), and then I expect a deeper correction down to the targets below:
1. 566
2. 506
3. 460
4. 386
(Not all of the targets have to be reached, but those are the support levels where I see possible bounces)
If you've bought this during the hype these past weeks, it might be time to start thinking of taking some profits here.
Note, this is a daily timeframe chart, so don't expect it to play out within hours, but rather days.
Note
The first intermediate target (on 4h timeframe) would be at 616.Forming a nice potential rising wedge here, confirmed by the volume profile.
Note
Daily candle close below 710, and we have a confirmed top.None of the daily candles closed above red area (which would have invalidated my idea).
Trade playing out very well so far.
Note
First intermediate target reached. This was a nice 25% drop so far.Note
Main target reached. I hope you took profits when I posted this analysis.The hype eventually has to bleed out. It works the same with any coin/asset.
Then the next round can start sometimes down the road.
Trade closed: target reached
Safe and smooth landing on the support line. :)Target hit to the cent/satoshi.
Beautiful trade.
Note
You may now press "play" on this chart.The wick hit 502 target.
This 40% retracement should be enough.
TRX has now reached an attractive buy area (520-440), and after some consolidation here, I expect to see it move during the next weeks when its turn comes.
I might write a separate analysis for it.
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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.
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.