darklord_
Panjang

TRON consolidating. If pennant results in reversal it will break

BINANCE:TRXBTC   TRX/BTC
We see a simple pennant forming here indicating a break in either direction. The spread on Binance looks good. Big sell wall around the 850 area. It looks like a lot of this recent movement is due to the large amount of bot volume on the index. Sometime soon we will see a break back towards the 1/1 angle on the Gann fan . I will update as the play pans out, but at the moment I am long and bullish on this trade. Could see a formation of a head and shoulders on the 4 hour chart over the next few weeks. That 99 day moving average has served pretty well as a basic support/resistance line in the past. If the price can break it and be confirmed by either a kicker or three white horsemen candlestick pattern (on the four hour chart) I will be looking to lock in anywhere from 50-80% gains. If a breakout occurs I will initiate a trailing stop of 10%. If not my ridged stop is 539.

If you have any questions feel free to pop em bellow!

Never trade alone! If you want to join a collaborative trading community shoot me a private message and we can talk about being apart of my trading discord group.
Komen: Just checked the order books and insane amounts of buy support stacking up. All it takes is one small break for the power of mass psychology and fomo to kick in.
so this is a no go?

it looks like its not breaking.
Balas
@cheangm, Im still long. It looks like its just extending the wedge. Im staying in until it triggers my loss.
Balas
Thnks DL thats one of the was well informative.would be good to see a upward breakout in your % range
Balas
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