Good evening traders! Balanar here.
I just want to say, it looks like TRX is forming a horizontal pattern. A perfect pattern for trading opportunities. Above is shown TRX in a 4 hour chart time line. As you can see, the support(0.000007858 ETH) and the resistance(0.00012316 ETH) level has been tested... TWICE over the course of 9 days. The RSI and MACD levels are perfectly aligned to all peaks and lows. It looks all happy and dandy from here right? But if you look closer, there is an inner resistance line(orange line) which may act as a support depending on how the candles will form in the next 2 days. With that said, I can purchase a position either on the orange line, or the bottom red line.
Regardless to what it is going to do, the formation of a horizontal channel is the best way to gain profits.
Thanks for reading my analysis!
I just want to say, it looks like TRX is forming a horizontal pattern. A perfect pattern for trading opportunities. Above is shown TRX in a 4 hour chart time line. As you can see, the support(0.000007858 ETH) and the resistance(0.00012316 ETH) level has been tested... TWICE over the course of 9 days. The RSI and MACD levels are perfectly aligned to all peaks and lows. It looks all happy and dandy from here right? But if you look closer, there is an inner resistance line(orange line) which may act as a support depending on how the candles will form in the next 2 days. With that said, I can purchase a position either on the orange line, or the bottom red line.
Regardless to what it is going to do, the formation of a horizontal channel is the best way to gain profits.
Thanks for reading my analysis!