🔥 TRX: possible false breakout abd rise
TRX price is creating the rising wedge. This is a bearish pattern but after the BTC fall for the 75% the continuation of the downtrend is less possible then consolidation or growth.
The price should return to rising wedge for continuation of it growth. It shown sign of bulls. Additionally, we see how TRX was growing after the fall. A lot of buyers were at the bottom what is shows us the strength of this alt. Even when BTC fall it continue it`s uptrend.
Also, the growth is possible because of the short traders which are open their possition after the Luna crasg and wait for the crash of USDD (Tron`s stablecoin) but situation normalized.
The volumes after the false brakout don`t show that a lot of traders were trapped. Even after break of the lower boundary volume doesn`t change so we have to wait for our trading setup.
The target is value area of $0.78-0.86.
Additional scenario is the retest of lower boundary of rising wedge as the resistance and continuation of fall. It`s possible if BTC continue it`s fall to 17-17,5k to make a relow and collect liquidity.
In this case the target will be the area of $0.5-0.55.
💻Friends, press the "like"👍 button, write comments and share with your friends - it will be the best THANK YOU.
P.S. Personally, I open an entry if the price shows it according to my strategy.
Always do your analysis before making a trade.
The price should return to rising wedge for continuation of it growth. It shown sign of bulls. Additionally, we see how TRX was growing after the fall. A lot of buyers were at the bottom what is shows us the strength of this alt. Even when BTC fall it continue it`s uptrend.
Also, the growth is possible because of the short traders which are open their possition after the Luna crasg and wait for the crash of USDD (Tron`s stablecoin) but situation normalized.
The volumes after the false brakout don`t show that a lot of traders were trapped. Even after break of the lower boundary volume doesn`t change so we have to wait for our trading setup.
The target is value area of $0.78-0.86.
Additional scenario is the retest of lower boundary of rising wedge as the resistance and continuation of fall. It`s possible if BTC continue it`s fall to 17-17,5k to make a relow and collect liquidity.
In this case the target will be the area of $0.5-0.55.
💻Friends, press the "like"👍 button, write comments and share with your friends - it will be the best THANK YOU.
P.S. Personally, I open an entry if the price shows it according to my strategy.
Always do your analysis before making a trade.
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