TRXUSD formed a 1D Golden Cross and aims at $0.30
The Fibonacci Channel since the COVID market bottom fits perfectly on Tron. The latest key technical formation is the Golden Cross (MA50 crossing above the MA200) on the 1D chart. Last time we saw this pattern was in June 07/08 2020. That draws inevitable comparisons with that fractal.
See the similarities of then and now:
* The Golden Cross was formed after the price broke above the Lower Highs trend-line
* The Golden Cross was formed after the price broke above the 0.618 Fibonacci retracement level
* Since the bottom, the price has been trading within the 0.5 and 1.0 Fibonacci levels of the Channel (blue Channel)
* The LMACD on both is identical
What happened after the Golden Cross in 2020 was a sustainable 2 month rise within the 0.5 and 1.0 Fibonacci levels of the Channel supported by the 1D MA50 (blue trend-line) and then when the Resistance (previous High) broke, an aggressive rally followed just below the 1.5 Fib extension from the bottom and the 2.0 Fib extension of the Channel. Currently that's a little over $0.30 and that's what we are targeting on TRXUSD.
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See the similarities of then and now:
* The Golden Cross was formed after the price broke above the Lower Highs trend-line
* The Golden Cross was formed after the price broke above the 0.618 Fibonacci retracement level
* Since the bottom, the price has been trading within the 0.5 and 1.0 Fibonacci levels of the Channel (blue Channel)
* The LMACD on both is identical
What happened after the Golden Cross in 2020 was a sustainable 2 month rise within the 0.5 and 1.0 Fibonacci levels of the Channel supported by the 1D MA50 (blue trend-line) and then when the Resistance (previous High) broke, an aggressive rally followed just below the 1.5 Fib extension from the bottom and the 2.0 Fib extension of the Channel. Currently that's a little over $0.30 and that's what we are targeting on TRXUSD.
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
--------------------------------------------------------------------------------------------------------
!! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !!
🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> Vergnes
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