TRXUSDT Testing the top of the 1 year Triangle. What's next?
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For this particular analysis on TRON we are using the TRXUSDT symbol on the Phemex exchange.
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The idea is on the 1D time-frame where Tron has been trading within a Triangle pattern since its April 17 2021 market Top. Since then we've had two Higher Lows and another Lower High. At the moment the price is the closest it has been to a new Lower High. If broken it will be a major bullish break-out for the coin and should target the 0.1300 Resistance of the November 15 2021 Lower High.
There is another interesting pattern involved as well. The 1D RSI sequence resembles the Lower Highs/ Higher Lows pattern of the previous mid - late 2021 rally of July - November. If the price breaks the RSI Lower Highs the move this time may be outside the blue box as the current price action is far more aggressive than that of October - November 2021. That may very well deliver the 0.13000 Resistance test. If however it gets rejected on the Lower Highs, we expect a pull-back to the 1D MA50 (blue trend-line) and then a test of the top of the blue box.
Notice that a 1D Golden Cross has just been formed (1D MA50 crossing above the 1D MA200) and that the 1W MA50 (red trend-line) has been acting as a Support in the past week.
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For this particular analysis on TRON we are using the TRXUSDT symbol on the Phemex exchange.
*** ***
The idea is on the 1D time-frame where Tron has been trading within a Triangle pattern since its April 17 2021 market Top. Since then we've had two Higher Lows and another Lower High. At the moment the price is the closest it has been to a new Lower High. If broken it will be a major bullish break-out for the coin and should target the 0.1300 Resistance of the November 15 2021 Lower High.
There is another interesting pattern involved as well. The 1D RSI sequence resembles the Lower Highs/ Higher Lows pattern of the previous mid - late 2021 rally of July - November. If the price breaks the RSI Lower Highs the move this time may be outside the blue box as the current price action is far more aggressive than that of October - November 2021. That may very well deliver the 0.13000 Resistance test. If however it gets rejected on the Lower Highs, we expect a pull-back to the 1D MA50 (blue trend-line) and then a test of the top of the blue box.
Notice that a 1D Golden Cross has just been formed (1D MA50 crossing above the 1D MA200) and that the 1W MA50 (red trend-line) has been acting as a Support in the past week.
--------------------------------------------------------------------------------------------------------
Please like, subscribe and share your ideas and charts with the community!
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