TONUSD 1st 1D Death Cross in 1.5 years calls for more downside.Toncoin (TONUSD) has been trading within an established long-term Channel Up (blue) and a Diverging one (dotted), while forming a Bearish Leg since the June 15 2024 High.
The highlight of the day is the completion of the first Death Cross on the 1D time-frame since May 19 2023. Naturally this is calling for more downside, which can extend as low as the 0.618 Fibonacci retracement level according to the previous Bearish Leg.
Our Target is 3.50 and we expect the correction to complete a Bottom after the 1D RSI posts 3 straight Higher Lows, similar to the Bullish Divergence of July 2023.
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Tonusdsignals
TONUSD Top of the Channel Up. Still worth buying?Last time we looked at Toncoin (TONUSD) it gave us the most optimal long-term buy entry (August 17 2023, see chart below) as it bottomed on an Inverse Head and Shoulders pattern:
Today the coin reached the top (Higher Highs trend-line) of the long-term Channel Up and technically it is a sell opportunity. We are willing to take it, as long as the 1D candles keep closing within the (blue) Channel Up and target the 1D MA200 (orange trend-line) at 3.50.
If however even a single candles closes above the (blue) Channel Up, we might see a new (dotted) Channel Up emerge, so we will take the loss on the sell and buy instead, targeting its top at 12.00.
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TONUSD Major bullish break-out on Inverse Head and Shoulders!Toncoin (TONUSD) broke last week above the April Lower Highs trend-line as well as the 1D MA50 (blue trend-line). That is a major bullish break-out and as yesterday the price got rejected near the July 22 High (Resistance), it is forming an Inverse Head and Shoulders (IH&S). Technically the target is the 2.0 Fibonacci extension (1.9165) but we will settle for a 1D MA200 (orange trend-line) contact. The buy confirmation signal is a break above the July 22 High.
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TONUSDT Lower Highs break-out but Resistance come to playToncoin (TONUSDT) made a convincing bullish break-out yesterday above the Lower Highs trend-line that has been keeping the price action below since the April 21 dump. Today it is attempting a 1D candle closing above the 1D MA50 (blue trend-line).
After the break-out that turned the trend bullish at least on the short-term, the Resistance levels formed of the previous Lower Highs are now coming to play. Our strategy is to buy every 1D candle close break-out and target just below the next Resistance.
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