We have been following the price action of TRX (Tron) for sometime, which looks interesting from a few perspectives.
Though we arent a Big fan of TRX, (especially because JS tried to take over Steem (Sad), but thats a separate topic.
It doesnt really matter if you can spot a new opportunity and try to capitalise on that and make profits to buy your favourite coin :D (BTC? HIVE? maybe :D)
We are going to do an in depth analysis of Hive as well, so Hive Fans! Stay tuned :D
As of now, lets dive in to TRX!
Our overall bias on $TRX: Bullish (It will be confirmed on breakout).
We will be charting TRX/BTC pairs for today. BTC Dominance is in a downtrend, and BTC price action is sideways,
which makes it more favourable to chart BTC pair
TRX/BTC 1W
Chart:
Overall Bias: Neutral
Critical zones have been marked on chart!
Points to note:
- small uptrend noticed.
- notice the confluence of resistance of the weekly (critical) Bullish if breaks above.
Our take: Lets keep eyes on the smaller timeframes. Read on below!
TRX/BTC 1D
Chart:
Overall Bias: Neutral (in an uptrend? )
Critical zones have been marked on chart!
Points to note:
- small uptrend noticed, (if we rule out the lower low on the 1D timeframe marked in red on chart)
- notice the confluence of resistance of the weekly (critical) Bullish if breaks above.
TRX/BTC 4H
Chart:
Overall Bias: Neutral (Although its in a small uptrend)
Points to note:
- It formed a series of Higher Highs on the chart,
- We'd be more bullish if it can take out the horizontal resistance around 200 sats.
- Also notice that it formed a pattern similar to a rounded bottom (which is usually very bullish on breakout)
Bonus: Check the charts below, to identify Risk to reward ratio if you want to enter the setup
(For risk takers only :P)
Additional point: We see a small support on the 4H timeframe.
4H chart R:R :
1D chart R:R if you enter:
1W R:R if you enter:
Our take: Since all altcoins started to look bullish with respect to Bitcoin, (as Bitcoin dominance started to look bearish,
it is better to scale into a few alts with very high risk:rewards while managing your risk properly.
Let us know in comments what you think!
We have used Simple supports and resistances in this analysis :)
Most simple things are often overlooked and are sometimes the most powerful as well.
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