TRX Looks Ready to Breakout

TRX has pulled back from highs to form the classic dragon head pattern, so common to cryptocurrencies. Although it's been ranging for some time, a breakout is inevitable at some point for numerous reasons. First, volatility has consolidated immensely, as evidenced by the contraction in the band width of the upper and lower bounds of the Kovach Reversals Indicator. Also, we appear to be ready to enter wave 3 of the current impulse of the Elliott Wave. Currently, we are hovering at support from the Fibonacci Levels at about 969. The Kovach OBV is strong, but the Kovach Chande has pulled back, indicating that now TRX is competitively priced.

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