Hello Friends,
I will update this chart with expected targets if there is enough interest from the community. If the community wants more details, please show your interest by hitting the like icon.
November 25th 2018 TRX hit its ATL with an oversold RSI, this was to be the the signal to push TRX upwards towards a higher high and the beginnings of a C&H pattern, which began to take its shape after a long standing down trend. The C&H was made complete Jan 3rd and as expected reached the predictable target within 7 days (Jan 10).
Jan 10th we saw a massive .786 % Fibonacci retrace and the next few days took us to the bottom of what would become the beginning of a price channel, that has lasted 102 days.
What is interesting about this channel is that this pattern has formed into a triple bottom, which is bullish in nature. Since entering into this channel, TRX would see a Golden Cross form on Jan 27 and the 200 SMA will be acting as support.
Currently we are at the 3rd bottom of this channel and sitting at the 200 SMA support level. If this day closes at about .02372, the current candle will form a hammer candle signalling a change of trend. At this point we will have no other choice but to move up.
Take note that TRX has only retraced .050% between the ATL and latest HH and the RSI is sitting at 36. Looking backwards, December, March and Today, we can see that this is the usual place for TRX to take a move upwards.
Cheers!
I will update this chart with expected targets if there is enough interest from the community. If the community wants more details, please show your interest by hitting the like icon.
November 25th 2018 TRX hit its ATL with an oversold RSI, this was to be the the signal to push TRX upwards towards a higher high and the beginnings of a C&H pattern, which began to take its shape after a long standing down trend. The C&H was made complete Jan 3rd and as expected reached the predictable target within 7 days (Jan 10).
Jan 10th we saw a massive .786 % Fibonacci retrace and the next few days took us to the bottom of what would become the beginning of a price channel, that has lasted 102 days.
What is interesting about this channel is that this pattern has formed into a triple bottom, which is bullish in nature. Since entering into this channel, TRX would see a Golden Cross form on Jan 27 and the 200 SMA will be acting as support.
Currently we are at the 3rd bottom of this channel and sitting at the 200 SMA support level. If this day closes at about .02372, the current candle will form a hammer candle signalling a change of trend. At this point we will have no other choice but to move up.
Take note that TRX has only retraced .050% between the ATL and latest HH and the RSI is sitting at 36. Looking backwards, December, March and Today, we can see that this is the usual place for TRX to take a move upwards.
Cheers!
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