TRX has completed bullish Cypher at strong supportHey friends hope you are well and welcome the new update on Tron Coin.
On the daily chart the price action of TRX coin has broken down simple moving averages with the time period of 25, 50, 100 and 200. And having good support of 100 SMA at the moment.
On the long term weekly chart the priceline has broken out SMAs with the time period of 25, 50 and 100. But there is a big distance between the simple moving averages and the price action of Tron. Therefore The priceline may consolidate at this level until atleast 25 SMA will move up to provide support.
On the daily chart the price action of TRX has very good support of an uptrend line. And the 100 simple moving average is also at the same level where the this uptrend line is providing support to candlesticks. Therefore the pricline may start another rally to the upside from this trendline.
On this support the price action has completed bullish Cypher pattern and entered in potential reversal zone.
The targets as per Fibonacci sequence of Cypher are:
Potential reversal or buying zone: $0.0244 to $0.0202 (this should be used as stop loss as well)
Fibonacci projection or sell zone: $0.0277 to $0.0356
Conclusion:
Even though the priceline is having very strong support of 100 SMA and the uptrendline as well, and entered in PRZ level of Cypher pattern. However, if the potential reversal zone will be broken down then a rally to the downside can be started. Therefore this PRZ level should be used as stop loss.
