TRX is trying for big breakout
The technical analysis of price action:
If we move to the live chart then it can be easily noticed that the price action is still moving in an up channel and the price is increasing more and more while this movement within the channel. I have also placed the directional of movement indicator and we can see the bullish line that is positive directional indicator is still above the negative directional indicator that is the bearish line. And the ADX is also moving up so we can expect a big move to the upside in the near future.
While moving in the up channel the price action also formed a cup & handle pattern. After reaching at the resistance of the cup the price action retraced between 0.50 to 0.618 Fibonacci retracement level and completed the handle of the cup. Finally, the priceline moved up with a powerful bullish divergence and broke out the resistance of handle and also broke out the resistance of the cup. Now after this breakout we can expect that the price action will have a little bit pullback and it will re-test the previous resistance of the cup as support and then it will start the next rally.
The priceline is trying to breakout the bit triangle:
If we switch on the long-term weekly chart then we have already seen in my previous articles as well that the price action of TRX coin is moving in a descending triangle. And after breaking out from the cup and handle pattern on the daily chart now the price action is trying to breakout the resistance of this descending triangle as well. The price action of Tron has 100 simple moving average resistance at the same level where we have the resistance of this triangle. I've also place the volume profile indicator on the complete price action moving within this pattern. And it can be easily observed that the trader’s interest is very low at the support and from the upside we have the trader’s interest beyond the resistance of this triangle. Therefore there are strong chances that the price action will soon break out this resistance rather to break down the support.
The price action has entered in Ichimoku bearish cloud:
Now I would like to draw your attention to a very significant signal. If we place the Ichimoku cloud on the long-term weekly chart then it can be easily noticed that the price action has entered the bearish cloud. We have also received the bull cross between the conversion and the baseline. This is very important time for the TRX that at the same time the price action is trying to breakout the triangle’s resistance and entered in a very powerful resistance of Ichimoku bearish cloud. Therefore if the price action will be able to breakout from the triangle then it will be easy for Tron to even break out this strong resistance of bearish cloud as well. And this will be a very powerful breakout even it can lead the priceline of Tron to $0.35 to $1.
Conclusion:
The TRX is bullish on the charts and at the same time we're having different announcements and good news by team of Tron. So the combination of the news and events and bullish patterns and indicators on the charts together can lead the TRX more strong bullish on the long term.
If we move to the live chart then it can be easily noticed that the price action is still moving in an up channel and the price is increasing more and more while this movement within the channel. I have also placed the directional of movement indicator and we can see the bullish line that is positive directional indicator is still above the negative directional indicator that is the bearish line. And the ADX is also moving up so we can expect a big move to the upside in the near future.
While moving in the up channel the price action also formed a cup & handle pattern. After reaching at the resistance of the cup the price action retraced between 0.50 to 0.618 Fibonacci retracement level and completed the handle of the cup. Finally, the priceline moved up with a powerful bullish divergence and broke out the resistance of handle and also broke out the resistance of the cup. Now after this breakout we can expect that the price action will have a little bit pullback and it will re-test the previous resistance of the cup as support and then it will start the next rally.
The priceline is trying to breakout the bit triangle:
If we switch on the long-term weekly chart then we have already seen in my previous articles as well that the price action of TRX coin is moving in a descending triangle. And after breaking out from the cup and handle pattern on the daily chart now the price action is trying to breakout the resistance of this descending triangle as well. The price action of Tron has 100 simple moving average resistance at the same level where we have the resistance of this triangle. I've also place the volume profile indicator on the complete price action moving within this pattern. And it can be easily observed that the trader’s interest is very low at the support and from the upside we have the trader’s interest beyond the resistance of this triangle. Therefore there are strong chances that the price action will soon break out this resistance rather to break down the support.
The price action has entered in Ichimoku bearish cloud:
Now I would like to draw your attention to a very significant signal. If we place the Ichimoku cloud on the long-term weekly chart then it can be easily noticed that the price action has entered the bearish cloud. We have also received the bull cross between the conversion and the baseline. This is very important time for the TRX that at the same time the price action is trying to breakout the triangle’s resistance and entered in a very powerful resistance of Ichimoku bearish cloud. Therefore if the price action will be able to breakout from the triangle then it will be easy for Tron to even break out this strong resistance of bearish cloud as well. And this will be a very powerful breakout even it can lead the priceline of Tron to $0.35 to $1.
Conclusion:
The TRX is bullish on the charts and at the same time we're having different announcements and good news by team of Tron. So the combination of the news and events and bullish patterns and indicators on the charts together can lead the TRX more strong bullish on the long term.
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