🔍 TRX/USDT - Potential Short Setup 📉
Timeframe: 4H
Current Price: 0.1662 USDT
Trade Type: Short
Chart Analysis: As we analyze the TRX/USDT chart, we can observe a developing ascending wedge pattern. The price has been moving upwards, testing the upper trendline, which suggests a potential reversal.
Resistance Level: The recent high at around 0.1670 has acted as a key resistance, where we see price stalling.
Support Level: A strong support area is visible around 0.1650. If this level breaks, we could see a sharper decline.
Trade Setup:
Entry Point: Consider entering short near the resistance level (0.1670).
Stop Loss: Set above the recent high, around 0.1680 to manage risk.
Take Profit: Targeting the support level at 0.1600 to secure profits as we anticipate a pullback.
Volume Analysis:
Notice the increase in volume during the recent price action, which typically supports a potential reversal.
Conclusion: The confluence of the ascending wedge and resistance level presents a favorable short opportunity. As always, ensure to manage your risk appropriately.
Happy Trading!
Timeframe: 4H
Current Price: 0.1662 USDT
Trade Type: Short
Chart Analysis: As we analyze the TRX/USDT chart, we can observe a developing ascending wedge pattern. The price has been moving upwards, testing the upper trendline, which suggests a potential reversal.
Resistance Level: The recent high at around 0.1670 has acted as a key resistance, where we see price stalling.
Support Level: A strong support area is visible around 0.1650. If this level breaks, we could see a sharper decline.
Trade Setup:
Entry Point: Consider entering short near the resistance level (0.1670).
Stop Loss: Set above the recent high, around 0.1680 to manage risk.
Take Profit: Targeting the support level at 0.1600 to secure profits as we anticipate a pullback.
Volume Analysis:
Notice the increase in volume during the recent price action, which typically supports a potential reversal.
Conclusion: The confluence of the ascending wedge and resistance level presents a favorable short opportunity. As always, ensure to manage your risk appropriately.
Happy Trading!
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.
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.