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Will $TRX Break out and moon? Read our analysis to know more!!

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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:

  1. small uptrend noticed.

  2. 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:

  1. small uptrend noticed, (if we rule out the lower low on the 1D timeframe marked in red on chart)

  2. 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:

  1. It formed a series of Higher Highs on the chart,

  2. We'd be more bullish if it can take out the horizontal resistance around 200 sats.

  3. 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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Posted Using LeoFinance