Hello, gentlemen.
Today we will talk about the coin TRX. Personally, I think this project is an absolute deception, created solely for the purpose of scam. But it exists, the coin is traded on many exchanges, so it makes sense to look at the price movement of this coin.
First, as always, the General exchange chart. We need it only to see the General trends and understand where the lines come from on a smaller chart.
Exchange Binance, timeframe 1 day
The price of the coin moves confidently along the sinusoid inside the tapering cone (1, 2). This cone lies on its side, which indicates the uncertainty of the market in relation to the direction of the price movement in the future.
The chart also shows three patterns (a, b, c) called "falling expanding cone". This pattern tells us that the price always rises when you exit it.
Now look at this graph more closely
The last price increase showed us the pattern 3 tops, which always means the beginning of a prolonged fall in the price. At this time, this forecast is fully confirmed. In addition, the price rate is now inside the pattern (b), which tells us about a possible break in the price up. This possible breakthrough is likely to be limited to the previous price peak - 660 satoshi. After that, the price should gradually fall to the level of 480 satoshi
There is a second version of the situation. The token price will not be able to break through the upper line of the pattern (b) in the next 2-3 days. Then the coin rate will remain limited by this pattern, and the token price will reach the level of 480 satoshi much faster
Which of the scenarios will happen will depend solely on the movement of bitcoin.
My last posts are aimed primarily at those who are going to invest in the medium or long term. Jumps up the prices of many coins at this time, more dependent on project owners and other wealthy puppeteers
Good luck!
A formal disclaimer
Some of the posts might contain our opinion on trading strategies based on our technical and fundamental knowledge. However, please, invest at your own risk. We can’t be held responsible for any losses.