TRXBTC - Cup and Handle (LONG)

It appears that TRX is in the process of forming the "handle" after a "cup" that's been formed from over a decently long period of time.

Given the apparent consistency with the normal characteristics of this charting pattern, I would recommend those who are looking to place long positions on TRX to wait until we hit the bottom of the handle formation, which I expect to be as low as 387 satoshis (previous resistance became new support).

Happy trading!
Big shoutout to Binance for taking what seemed like 6 years to confirm my litecoin transfer leading me to miss the TRX breakout. You guys rock! Website says coins get transferred after 4 confirmations, at one point i was at 17/4.
Hey man, nice analysis, I just want to give you a quick note, as we both had a very similar analysis. I think we didn't account for the bullish uptrend it already was in, there for the breakout of rim would be 630sash. Simple mistake :-)
Seems it won't go all that low. Probably won't go much below 470-500
Added a target zone to your chart based on the cup "depth". Are you concerned at all that the cup lid isn't flat?

mciche2 mciche2
I guess using the lower peak on the left side would give you a more conservative target:

@mciche2, This was definitely and oversight. Thanks for the feedback!
michaelhlee20 michaelhlee20
mciche2 michaelhlee20
@michaelhlee20, no problem! Almost at the resistance level.
I like this analysis the most. I bought a little too high being optimistic it would continue to go after that momentary dip to 360. This is the second time I have jumped the gun because I thought that correction was good enough. Will hold and take profit once the next wave tops out.

Any updates to this chart as of now?
+1 Antworten
michaelhlee20 cryptothrice
@cryptothrice, I'm not sure what you mean by "updates to the chart"

If you want a live moving chart off of my TA, you can click the play button in the middle right of my chart (if you're on desktop).

If by updates you mean by changing trends, then no I think the TA is pretty consistent with what's happened so far.

Also, thanks for the comment!
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