TRX _ Watching for Trend-line Support
Updated
TRON – Looking for Trendline Support
Indicators:
Fibonacci retracement
Volume Profile
Volume
The data calculated Is contained in the chart area. If you expose the chart to more or less data, the Point-Of-Control may move to reflect the addition or subtraction of new data.
Nomenclature:
POC – Point-Of-Control is the price level for the time period with the highest traded volume .
VP – Volume Profile displays trading activity over a specified time period at specified price levels.
HVN – High-Volume Node are peaks in volume at or around a price level.
TRX has been suffering some sustained selling price distribution after a strong bullish uptrend. If you could have capitalized on the extremes on the buy and sell side, you could have made a 300 percent profit. This is what I have been proselytizing about, buying and selling at probable but unlikely extremes to get you into or out of a trade. You will be surprised how many times you will get into a-crypto, or sell out of one at, or near a peak price before distribution begins. I write long-winded analysis, so I will not explain the details of those trades for this crypto because I haven’t covered TRX in the past. If you’re new to my analysis, I would encourage to follow me to learn a valuable method of charting and trade entry, exit, and trade management. If not, come back from time to time to learn how volume based biased charting can be so powerful.
It appears TRX is distributing into a Bull Flag price pattern. The price pattern must have a pole to be considered a continuation pattern. I am considering the previous bullish price action, prior to entering into the outlined price distribution as the pole. If the orange primary dotted trendline can hold, we could see the price action began to move towards the POC right on the .618 Fib level. Please note the Fib retracement details the current volume profile. I do this to determine if price support and resistance are validated. For more information and a better explanation on this type of chart analysis, follow me, otherwise, you will need to review some of my recent charts for an explanation.
Trading Idea:
If the primary orange dotted trendline can hold, I would give some interest in dollar cost averaging into TRX. The POC for this VP is a very high-volume node and likely to move the price back to it if we can hold this price pattern and support on the primary.
If the price breaks the primary trend support, we could see the price action fall below .02 and be looking to the solid orange trendline as support.
Extreme buy trade: Trade buy GTC at .0185xx
Extreme trade Sell: Sell, GTC .032xx
Please note you have to understand what I mean when considering these extreme trading recommendations.
Outlook:
I am not sure what’s going on with TRON, but I understand there have been some upgrades to the network. It looks like the upgrades were priced into, and used to inflate the price before taking the profits post upgrade. I am BEARISH on TRX for the short-term and will consider dollar cost averaging into TRX at .015 or less.
If you think Biff can help you trade better, hit that follow, and consider clicking that thumbs up so others can be exposed my sophisticated yet simple method of trading. Remember, I do this for free. I have nothing to sell, nor a website to promote, so you are receiving nearly 30 years of experience in chart analysis for free! Don’t forget to follow me on Twitter because I send out information I do not post here.
Best,
Biff
Indicators:
Fibonacci retracement
Volume Profile
Volume
The data calculated Is contained in the chart area. If you expose the chart to more or less data, the Point-Of-Control may move to reflect the addition or subtraction of new data.
Nomenclature:
POC – Point-Of-Control is the price level for the time period with the highest traded volume .
VP – Volume Profile displays trading activity over a specified time period at specified price levels.
HVN – High-Volume Node are peaks in volume at or around a price level.
TRX has been suffering some sustained selling price distribution after a strong bullish uptrend. If you could have capitalized on the extremes on the buy and sell side, you could have made a 300 percent profit. This is what I have been proselytizing about, buying and selling at probable but unlikely extremes to get you into or out of a trade. You will be surprised how many times you will get into a-crypto, or sell out of one at, or near a peak price before distribution begins. I write long-winded analysis, so I will not explain the details of those trades for this crypto because I haven’t covered TRX in the past. If you’re new to my analysis, I would encourage to follow me to learn a valuable method of charting and trade entry, exit, and trade management. If not, come back from time to time to learn how volume based biased charting can be so powerful.
It appears TRX is distributing into a Bull Flag price pattern. The price pattern must have a pole to be considered a continuation pattern. I am considering the previous bullish price action, prior to entering into the outlined price distribution as the pole. If the orange primary dotted trendline can hold, we could see the price action began to move towards the POC right on the .618 Fib level. Please note the Fib retracement details the current volume profile. I do this to determine if price support and resistance are validated. For more information and a better explanation on this type of chart analysis, follow me, otherwise, you will need to review some of my recent charts for an explanation.
Trading Idea:
If the primary orange dotted trendline can hold, I would give some interest in dollar cost averaging into TRX. The POC for this VP is a very high-volume node and likely to move the price back to it if we can hold this price pattern and support on the primary.
If the price breaks the primary trend support, we could see the price action fall below .02 and be looking to the solid orange trendline as support.
Extreme buy trade: Trade buy GTC at .0185xx
Extreme trade Sell: Sell, GTC .032xx
Please note you have to understand what I mean when considering these extreme trading recommendations.
Outlook:
I am not sure what’s going on with TRON, but I understand there have been some upgrades to the network. It looks like the upgrades were priced into, and used to inflate the price before taking the profits post upgrade. I am BEARISH on TRX for the short-term and will consider dollar cost averaging into TRX at .015 or less.
If you think Biff can help you trade better, hit that follow, and consider clicking that thumbs up so others can be exposed my sophisticated yet simple method of trading. Remember, I do this for free. I have nothing to sell, nor a website to promote, so you are receiving nearly 30 years of experience in chart analysis for free! Don’t forget to follow me on Twitter because I send out information I do not post here.
Best,
Biff
Note
BE glad you follow Biff!Note
If we break orange dotted trendline TRX is a no go for me and off the list until I can see price levels at the solid orange trendline!
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