TRX on the 4HR UPDATE!
TRX 4HR
Technicals:
-Orange dotted trendline, 2-data points (trendline adjusted from previous analysis).
-Trending in a Bearish channel
-Overhead green trendline resistance, 2-data points.
-Only the orange dotted trendline has been challenged. (BEARISH)
-POC - $.025181
-White dotted reference is a hypothetical mean.
-Two fibs tracking longer and shorter price levels.
-The price is likely to try and touch the smaller FIB level .382 ($0.23632) before falling back into its Bearish trend.
Trading Ideas:
Set up an extreme trade entry of .019xxx.
Previous trading idea:
This is exactly what happened!
“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.”
What’s Biff doing?
TRX is tracking the white dashed trend reference and is seeking lower prices. I cannot, in good conscience, buy at this level when lower prices seem extremely possible. I am considering a temporary lift in price to the .382 FIB price level before a price retracement. The entire price distribution has been BEARISH since the last big runup. I think we may test the solid Orange Trendline and that is where we may get our trend reversal. I hope this helps!
Best,
Biff
Don’t forget to hit that like and follow Biff for more charting fun and money-making opportunities!
Housekeeping:
I use green trendlines for overhead resistance price levels.
I use orange trendlines for support price levels and to show price distribution patterns.
I use an orange dotted trendline to indicate the Primary Trendline and a dashed orange trendline to denote the secondary trendline.
My charts have a volume bias.
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 Nodes are peaks in volume at or around a price level.
Technicals:
-Orange dotted trendline, 2-data points (trendline adjusted from previous analysis).
-Trending in a Bearish channel
-Overhead green trendline resistance, 2-data points.
-Only the orange dotted trendline has been challenged. (BEARISH)
-POC - $.025181
-White dotted reference is a hypothetical mean.
-Two fibs tracking longer and shorter price levels.
-The price is likely to try and touch the smaller FIB level .382 ($0.23632) before falling back into its Bearish trend.
Trading Ideas:
Set up an extreme trade entry of .019xxx.
Previous trading idea:
This is exactly what happened!
“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.”
What’s Biff doing?
TRX is tracking the white dashed trend reference and is seeking lower prices. I cannot, in good conscience, buy at this level when lower prices seem extremely possible. I am considering a temporary lift in price to the .382 FIB price level before a price retracement. The entire price distribution has been BEARISH since the last big runup. I think we may test the solid Orange Trendline and that is where we may get our trend reversal. I hope this helps!
Best,
Biff
Don’t forget to hit that like and follow Biff for more charting fun and money-making opportunities!
Housekeeping:
I use green trendlines for overhead resistance price levels.
I use orange trendlines for support price levels and to show price distribution patterns.
I use an orange dotted trendline to indicate the Primary Trendline and a dashed orange trendline to denote the secondary trendline.
My charts have a volume bias.
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 Nodes are peaks in volume at or around a price level.
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