Long $TRX on retest of previous resistance after a breakout
Price is above the 21EMA which it haven't been in a long time. 21EMA is about to cross the 55EMA to the upside, last time this happend TRX rallied over 100%.
Looking at the chart it kinda looks like we are forming a rounded bottom, and considering how a lot of alts have been moving lately i think there's a possibility this could be some kind of reversal.
A daily open & close above resistance zone (red box) while the 21EMA crosses the 55EMA to the upside would confirm bullish market structure.
SL is very tight with this setup, it could be lowered quite a bit and still maintain decent R/R. But if we close above resistance and bounce we shouldn't trade back below the 21EMA
Looking at the chart it kinda looks like we are forming a rounded bottom, and considering how a lot of alts have been moving lately i think there's a possibility this could be some kind of reversal.
A daily open & close above resistance zone (red box) while the 21EMA crosses the 55EMA to the upside would confirm bullish market structure.
SL is very tight with this setup, it could be lowered quite a bit and still maintain decent R/R. But if we close above resistance and bounce we shouldn't trade back below the 21EMA