TRXBTC is looking strong from a technical standpoint. We showed a nice rejection of a critical support structure, and it looks like we're currently sitting above it. If we retrace to the bottom of the structure, consider opening a trade. The stop loss is set directly below a major trend change. If you weather this trade for a few months, you could be looking at a solid 2-2.5x gain. I wouldn't suggest allocating more than 5 percent of your portfolio if we take the second entry, and no more than 8 percent if we take the lower entry. These percentages were established to limit downside to no more than 2% of your portfolio, as per the stop losses. If you're willing to lose more on this trade, then feel free to go higher, but it's a bit of a risky trade right now.
Note
Wait for pullback after a short run up for confirmation, then enter this trade.
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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.