Tron (TRXUSD) has showed incredible strength short-term since May 01 up until today. Even though it broke above the 1D MA200 (orange trend-line) yesterday for the first time since December 17 2021, the coin remains within a long-term Triangle pattern since the April 21 2021 High.
As a result it is still best to trade the Triangle (buy low - sell high) for as long as the 1W MA100 (red trend-line) supports and the Lower Highs (top) trend-line of the Triangle resists. In order for the market sentiment to turn bullish again on the long-term, we believe that a break above the 0.786 Fibonacci retracement level is needed (which contained the previous Lower High). In that case we expected a new rally towards the 1.382 Fib (matched the April 2021 High) and the 1.618 Fib in extension around 0.2200 - 0.2300.
Note that the 1D CCI has been within a Channel Up since the last Triangle Higher Low. Adds to the bullish break-out case.
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As a result it is still best to trade the Triangle (buy low - sell high) for as long as the 1W MA100 (red trend-line) supports and the Lower Highs (top) trend-line of the Triangle resists. In order for the market sentiment to turn bullish again on the long-term, we believe that a break above the 0.786 Fibonacci retracement level is needed (which contained the previous Lower High). In that case we expected a new rally towards the 1.382 Fib (matched the April 2021 High) and the 1.618 Fib in extension around 0.2200 - 0.2300.
Note that the 1D CCI has been within a Channel Up since the last Triangle Higher Low. Adds to the bullish break-out case.
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Please like, subscribe and share your ideas and charts with the community!
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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
免责声明
这些信息和出版物并非旨在提供，也不构成TradingView提供或认可的任何形式的财务、投资、交易或其他类型的建议或推荐。请阅读使用条款了解更多信息。